Grand Cayman, Cayman Islands, November 20, 2024, Chainwire
FDUSD turns into the second native stablecoin on the needle following the historic deployment of USDC in early October
NeedleLayer 1 blockchain provides industry-leading efficiency and infinite horizontal scaling, and 1st Digital LabsThe creator of FDUSD, one of many world’s largest stablecoins, in the present day introduced that FDUSD is stay on Needle. FDUSD is the second multi-billion greenback market cap stablecoin to natively combine with Needle in latest months, solidifying FDUSD’s place as a flexible and interoperable stablecoin whereas enhancing Needle’s rising DeFi ecosystem. , the place TVL exceeds $1.5B.
With this integration, FDUSD’s multi-chain compatibility now extends to Needle, offering a really interoperable stablecoin able to operating DeFi purposes on numerous extra platforms. By leveraging Sui’s high-performance community with its personal highly effective structure, FDUSD allows essential use circumstances that improve velocity and effectivity in information transfers and different on-chain operations. Moreover, integrating protocols like NAVI and Cetus and leveraging Needle’s native liquidity layer, DeepBook, will foster the event of latest purposes, additional increasing the utility of FDUSD throughout the DeFi panorama.
“We’re thrilled to launch FDUSD on Sui and stay up for the brand new prospects this integration brings,” mentioned Vincent Chock, Founder and CEO of First Digital. “By leveraging Needle’s distinctive object-centric design, FDUSD features entry to ultra-fast transaction speeds, low charges, and unmatched scalability. As we speak’s deployment extends the multi-chain compatibility of FDUSD and strengthens on-chain liquidity in an already thriving DeFi ecosystem, paving the best way for much more innovation on Needle.
“Sui’s DeFi ecosystem continues to develop, just lately surpassing $1 billion in TVL and constantly rating among the many high networks in transaction quantity,” mentioned Jamil Khalfan, Head of Ecosystem Improvement at Sui Basis. ” “The addition of FDUSD, one of many {industry}’s main stablecoins, will additional speed up this development, opening up new and impactful use circumstances for each customers and builders throughout the ecosystem.”
Sui’s blockchain, designed for unprecedented scalability and composability, is a perfect platform for stablecoins like FDUSD, that are totally backed by money and money equivalents. The community’s object-centric mannequin, powered by the Transfer programming language, allows parallel transaction execution and wealthy composability, offering builders with the instruments to construct highly effective decentralized purposes (dApps) that maximize effectivity.
Contact
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