First Digital USD (FDUSD), a popular stablecoin launched back in June 2023 by FD121 Limited, has announced it’s now live on the Solana (SOL) network natively, bringing a “faster, more cost-efficient and scalable” experience to users.
In a series of posts on the microblogging platform X, First Digital Labs detailed the token is now live on the network and added that businesses and institutions can access FDUSD via First Digital through a fiat currency on-ramp.
For retail investors, the stablecoin is accessible via most of Solana’s leading decentralized finance (DeFi) protocols, including Kamino Finance, Raydium, and the Phantom wallet.
1/ BREAKING: FDUSD lands on @solana 🔥
Natively available on Solana mainnet, FDUSD is now faster, more cost-efficient and scalable.
Learn about the benefits of FDUSD and what it means for the Solana ecosystem 👇🧵 pic.twitter.com/ZzN9CqeBsY
— First Digital Labs (@FDLabsHQ) January 15, 2025
First Digital added that support for FDUSD on Solana is also coming to major centralized cryptocurrency exchanges “soon,” allowing users to deposit and withdraw SPL FDUSD on major centralized exchanges. Most of FDUSD’s trading volume on centralized platforms, it’s worth noting, is currently on Binance.
FDUSD to Help Boost Solana’s Stablecoin Supply
First Digital’s stablecoin is launching on the Solana network when its stablecoin supply is nearing a two-year high, even as its native token suffers a significant correction. Data shows that there is around $5.89 billion worth of stablecoin on Solana.
Most of the circulating stablecoins on Solana are currently in the form of USDC, with $4.38 billion worth of Circle’s stablecoin on the network. It’s followed by Tether’s USDT and PayPal’s PYUSD, with Sky Dollar (USDS) and Ondo US DOllar Yield (USDY), also having a market capitalization of over $100 million on the network.
The stablecoin supply has been growing as investors seek refuge in the relative stability of digital assets pegged to traditional currencies in a move suggesting a growing risk aversion within the cryptocurrency’s ecosystem, as investors turn to stablecoins as a safer haven compared to more volatile digital assets.
Disclaimer
This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
