First Digital Group, a prominent player in digital asset custody and trust services across Asia, has announced that its stablecoin, FDUSD (First Digital USD), will be integrated into the Solana blockchain.
This strategic move, revealed at Binance Blockchain Week 2024, is part of First Digital’s broader vision to improve FDUSD’s accessibility, speed, and cost-effectiveness for global users.
As Solana joins Ethereum, BNB Chain, and Sui in the list of blockchains supporting FDUSD, this deployment further strengthens First Digital’s commitment to providing fast, secure, and affordable stablecoin transactions across multiple ecosystems.
Vincent Chok, CEO and Founder of First Digital, emphasized that this deployment on Solana aligns with the group’s mission to broaden FDUSD’s reach and utility.
“Expanding FDUSD onto Solana represents a significant step in our mission to enhance its accessibility, availability, and utility across multiple blockchain ecosystems,” Chok stated, adding that Solana’s robust infrastructure will enable faster and more efficient transactions across various financial applications.
Lily Liu, President of the Solana Foundation, expressed enthusiasm for the collaboration, highlighting how the integration of FDUSD on Solana can drive real-world, on-chain financial innovations. This is expected to open new possibilities for DeFi projects, cross-border payment solutions, and other financial applications that rely on stable, fast, and scalable digital transactions.
FDUSD, issued by First Digital Labs under FD121 Limited, is fully backed 1:1 by USD or equivalent assets. Reserves are held in accounts with regulated financial institutions, and monthly independent audits ensure transparency and stability, building trust among global users who depend on FDUSD for secure, compliant transactions.
By adding Solana, First Digital positions FDUSD as a versatile stablecoin suited for both established and emerging markets, supporting a growing demand for cross-chain stablecoin solutions.
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