First Digital USD (FDUSD) Stablecoin Launches on the Solana Network Targeting the Mainstream Adoption of Digital Assets and Web3 Platforms

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

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First Digital USD (FDUSD), a fast-growing multi-chain stablecoin pegged to the US dollar at a ratio of 1:1, has finally hit the Solana network, a top-tier layer one blockchain powering the mainstream adoption of digital assets and Web3 platforms.

Already, top-tier DeFi protocols on the Solana network have integrated FDUSD to enable their users to trade it seamlessly. Some of the top DeFi projects that had 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 primarily driven by several factors. At the top of the list is the fact that the Solana network has grown into a vibrant Web3 ecosystem, boasting over $9 billion in total value locked and about $6 billion in stablecoins market cap.

The FDUSD stablecoin will help infuse the Solana protocols with reliable digital US dollars, especially amid heightened crypto volatility. Furthermore, the Solana network hosts 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 at a lower cost,” the announcement reads.

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. At the time of this writing, FDUSD had a 24-hour average trading volume of about $6.69 billion and a total market cap of about $1.8 billion.

The higher daily average trading volume than the market cap indicates a huge 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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