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Stablecoins cushion you against volatility in the cryptocurrency market. Over the years, the popularity of stablecoins has risen, with the two dominant ones being Tether (USDT) and USDC (USDC). However, a new stablecoin, First Digital USD (FDUSD), entered the market last year and has been performing remarkably recently with growing market capitalization.
First launched on Ethereum and BNB Chain, FDUSD recently announced its issuance on the Sui network, making FDUSD the first native 1:1 stablecoin on Sui. This strategic alliance led to a remarkable increase in FDUSD's market cap, which stands at $3.85 billion as of May 6, 2024, making it the fourth largest stablecoin in market cap after USDT, USDC and Dai.
Let's take a look at FDUSD and examine its rise in popularity, despite its being relatively new in the crypto market.
Key Takeaways:
First Digital USD (FDUSD) entered the market in 2023 and has been growing remarkably, hitting a market cap of $4 billion as of Apr 30, 2024.
Backed by the U.S. dollar at a 1:1 ratio, FDUSD is issued by First Digital company, a fintech firm governed by laws in Hong Kong.
The FDUSD stablecoin was launched on Ethereum and BNB Chain, and has recently integrated with Sui.