FDUSD, a 1:1 USD-backed stablecoin, expands to Solana blockchain, integrating with top DeFi protocols amid growing demand for stable digital assets.
First Digital USD (FDUSD), a fast-growing multi-chain stablecoin backed by the US dollar in a ratio of 1:1, has finally launched on Solana network, a top-tier layer one blockchain fueling the mainstream adoption of digital assets and Web3 platforms.
Already, top-tier DeFi protocols on the Solana network have integrated FDUSD to allow their users to seamlessly trade. Some of the top DeFi projects that had already listed FDUSD for trading at the time of this writing include Raydium protocol, Kamino Finance, Meteora, and Phantom Wallet.
According to the First Digital Labs team, the launching of FDUSD on the Solana network was mainly based on several facts. On the top list, the Solana network has grown to a vibrant Web3 ecosystem, with more than $9 billion in total value locked and around $6 billion in stablecoins market cap.
The FDUSD stablecoin will help enrich the Solana protocols with reliable digital US dollars, especially amid heightened crypto volatility. Moreover, the Solana network is home to a fast-growing memecoin ecosystem, catalyzed by the democratization of token creation by pump.fun launchpad.
According to the announcement, FDUSD on the Solana network will be listed on major cryptocurrency exchanges in the near term.
“Soon, FDUSD on Solana will be available for deposits and withdrawals on major centralized exchanges. Users can expect seamless transfers and speedier transactions with lower fees,” the announcement noted.
Market Impact of the FDUSD Launch on Solana Network
The launch of FDUSD on the Solana network will significantly add to its rising demand in the Web3 industry. As of this writing, FDUSD had a 24-hour average traded volume of about $6.69 billion and a total market of about $1.8 billion.
The higher daily average trading volume than the market cap suggests a significant demand for the FDUSD Stablecoin in the Web3 space.
Meanwhile, the launch of FDUSD on the Solana network will play a crucial role in the mainstream adoption of SOL and its related DeFi projects. Moreover, SOL coins are used to pay for transaction fees across all its DeFi protocols led by DEXes.
Amid the ongoing mainstream adoption of digital assets and Web3 protocols on the Solana network, the SOL price rallied more than 8 percent in the past 24 hours to trade at about $203 at the time of this writing. The large-cap altcoin, with a fully diluted valuation of about $120 billion and a 24-hour average trading volume of around $4.4 billion, is on the verge of a major bull run after completing a two-month correction.
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