Hong Kong stablecoin FDUSD expands to Solana

Hong Kong-based stablecoin issuer First Digital Trust said Thursday it is expanding its FDUSD token to the Solana network.

First Digital USD (FDUSD), the fourth largest stablecoin by market capitalization issued by Hong Kong-based firm First Digital Trust, is coming to Solana as it seeks new ecosystems after rolling out products on Ethereum and BNB Chain (formerly Binance Smart Chain).

In an Oct. 30 announcement on X, the team behind the stablecoin said the selection was due to Solana’s transactional output, calling it an “ideal solution for real-time payments and settlements.”

The team added that FDUSD’s upcoming integration with Solana is a “part of our broader strategy to build a versatile, resilient stablecoin ecosystem.” However, the stablecoin issuer didn’t explain when exactly it plans to launch FDUSD on Solana.

“With support on Ethereum, BNB Chain, Sui, and soon Solana, FDUSD is more globally accessible and liquid than ever.”

First Digital Trust

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FDUSD quickly expands across blockchain networks

Unveiled in 2023, FDUSD is issued under Hong Kong’s digital asset rules and backed by U.S. Treasury bills and bank deposits to keep its price anchored to $1. In addition to Ethereum and BNB Chain, FDUSD is also available on Sui Network.

Shortly following its launch, Binance opened trading in Bitcoin (BTC) and Ethereum (ETH) with FDUSD, wooing traders with zero fees. As a result, the stablecoin quickly became the fourth-largest stablecoin behind Tether’s (USDT), Circle’s (USDC) and MakerDAO’s (DAI), amassing more than $2.5 billion market capitalization, as of press time

Read more: First Digital unveils Hong Kong-based USD stablecoin