- Sui’s FDUSD integration marks the introduction of the ecosystem’s first native dollar-pegged stablecoin.
- $FDUSD has had an impressive run since launch.
- SUI has been on an upward momentum since the year’s start but is grappling with a downward trend.
Sui, the Layer-1 blockchain offering DeFi scaling solutions for digital asset ownership, has had an impressive run since its launch, marked by the expansion of its ecosystem with new milestones. From the breach of a new all-time high by its native token to an impressive $700 million milestone in TVL, the newcomer blockchain has stunned the industry with parabolic growth since the year’s start.
Building on the momentum, the Sui network has marked a new milestone, welcoming its inaugural dollar-pegged stablecoin.
Sui Integrates FDUSD
On Wednesday, April 10, Hong Kong’s First Digital Trust announced the integration of its native stablecoin FDUSD on the SuiNetwork, becoming the ecosystem’s first native 1:1 stablecoin.
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This expansion represents the integration of FDUSD, currently the fourth-largest stablecoin, on its third chain, following Ethereum and BNB, amid the ongoing efforts to enhance its accessibility and presence in decentralized finance.
First Digital emphasized the importance of the integration, asserting that the Sui-FDUSD alliance will facilitate smoother transactions and provide users with greater accessibility to liquidity. Furthermore, the integration is expected to bridge traditional finance with the ever-expanding digital economy and cater to the evolving needs of global markets.
FDUSD has recorded a trading volume exceeding $10 billion over the past 24 hours, with a total circulating supply of approximately $3.2 billion. However, the integration has not appeared to impact Sui’s native token positively.
SUI Struggles to Rebound
Despite the recent integration of FDUSD into the Sui Network, SUI, the ecosystem’s native token, has faced continued challenges in recovering from its recent downward trend.
Starting the week with a slip, SUI has failed to regain its footing, with its price currently at $1.48. This marks a 7.98% loss over the past 24 hours, bringing its total price decline this week to 14.06%.
SUI’s underperformance extends over nearly two weeks, following a significant drop from its all-time peak of $2.18. The token’s current trading price marks a 32% decrease from its peak price, casting uncertainty over its ability to regain the $2 peg and year-high value.
Sui’s native token currently holds the 56th position on the Top 100 by global market cap.
Discover more about the trajectory of FDUSD pre-Sui integration:
First Digital USD (FDUSD) Market Cap Skyrockets to $2.6B
Here’s what ETH ETF issuers think of the ongoing SEC review and its likely outcome:
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