Blockchain
Stablecoin FDUSD Integrates Sui Blockchain After Ethereum and BNB Chain
First Digital’s native stablecoin FDUSD, which has a market cap of over $3 billion, is now available on the third blockchain – Sui, after integrating Ethereum and BNB Chain.
Vincent Chok, CEO of FDUSD told CoinDesk that the integration would boost the stablecoin’s usage among decentralized finance (DeFi) users.
“Sui is an up-and-coming network and very supportive of the DeFi space. Their growth within a year is amazing as well, so we want to grow together as a new stablecoin.”
Sui TVL Surpassed $500 Million
Sui is one of the fastest-growing Layer 1 blockchains. As a result, It continued its impressive DeFi growth surpassing $500M in Total Value Locked (TVL) in February. The impressive growth made Sui overtake Aptos and Cardano at the time.
The expansion of FDUSD into Sui also makes it the first top stablecoin natively issued on the Sui network. Per DefiLlama data, the blockchain hosts Tether (USDT) and USD Coin (USDC) amounting $340 million.
“This integration will have a profound impact on the Sui community, fueling enhanced liquidity, expanding the network’s utility, and unlocking new possibilities for builders and users,” Greg Siourounis, managing director of ecosystem development organization Sui Foundation, noted.
FDUSD, launched in August 2023, holds the fourth position in terms of 24-hour global trading volume, per Coin Market Cap. Further, the fiat-pegged token boasts a circulating supply of 3.28 billion tokens, predominantly distributed across Ethereum and the BNB Chain.
Source: cryptonews.com
The post Stablecoin FDUSD Integrates Sui Blockchain After Ethereum and BNB Chain appeared first on HIPTHER Alerts.
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Blockchain
MicroStrategy boosts Bitcoin holdings to 214,400 BTC with $7.8m purchase
MicroStrategy has increased its Bitcoin holdings to 214,400 BTC with a recent purchase of $7.8 million worth of the cryptocurrency. This move further solidifies MicroStrategy’s position as a major institutional holder of Bitcoin and demonstrates its continued bullish outlook on the digital asset.
MicroStrategy, a publicly traded business intelligence firm, has been actively accumulating Bitcoin as part of its treasury strategy, viewing the cryptocurrency as a long-term store of value and hedge against inflation. The recent purchase of $7.8 million worth of Bitcoin adds to the company’s already substantial holdings, reaffirming its confidence in the future potential of the digital currency.
MicroStrategy’s ongoing accumulation of Bitcoin reflects a broader trend of institutional adoption and investment in the cryptocurrency space. As more companies recognize the value proposition of Bitcoin as a hedge against economic uncertainty and fiat currency devaluation, they are increasingly allocating funds to acquire and hold the digital asset.
Overall, MicroStrategy’s decision to boost its Bitcoin holdings with a $7.8 million purchase underscores the company’s conviction in the long-term viability and potential of Bitcoin as a strategic asset. This move is likely to further encourage other institutions to explore Bitcoin as a component of their investment portfolios, driving continued growth and adoption in the cryptocurrency market.
Source: crypto.news
The post MicroStrategy boosts Bitcoin holdings to 214,400 BTC with $7.8m purchase appeared first on HIPTHER Alerts.
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