FDUSD Emerges as Dark Horse in Stablecoin Arena
In just 85 days, the stablecoin FDUSD has experienced a remarkable surge in its circulating supply, increasing by 62% since the beginning of August. This surge has propelled FDUSD into the top ten stablecoins by market capitalization and has significantly expanded its market volume share.
A Noteworthy Rise for FDUSD
FDUSD, the once-obscure stablecoin, has made significant strides in the realm of dollar-pegged digital tokens. Since August 4, 2023, its supply has grown by 62%, soaring from 260 million to its current standing at 423 million as of October 28, 2023.
Impressive Trading Volume
The trading volume of FDUSD has also seen a global surge. Recent data reveals that FDUSD secured the sixth position in terms of trading volume among over 10,000 existing crypto assets on Saturday. According to metrics from coingecko.com, FDUSD was traded globally to the tune of a substantial $1.62 billion in the past 24 hours.
FDUSD: A Leading Trading Pair for Bitcoin
While tether (USDT) remains the leading trading pair for bitcoin (BTC), FDUSD has gained recognition as the second-largest trading pair for the leading cryptocurrency. In terms of market capitalization, FDUSD currently holds the 85th position within the top 100 cryptocurrency assets.
Concentrated Trading Activity and Holders
It is important to note that FDUSD's trading volume primarily takes place on Binance, and only 141 unique addresses hold this stablecoin. Furthermore, most of the trading activity occurs off-chain, with FDUSD recording a modest 752 transactions since its inception.
The top 100 holders of FDUSD collectively control 100% of the supply, which amounts to 423,305,155 tokens out of the total 423,305,427 supply. Binance is the largest holder, with a single account holding a significant 79.39% of the total FDUSD in circulation.
Among the top five FDUSD wallets, Binance owns three. The remaining two wallets belong to anonymous holders, with the third holder's identity unknown but holding 2.02 million FDUSD. The fifth-largest holder, also operating anonymously, has control over 999,998 FDUSD. Interestingly, this wallet holds additional assets, including $2.6 million in USDT and $1.27 million in USDC.
What's Your Opinion on FDUSD's Success?
We would love to hear your thoughts and opinions on FDUSD's rise in circulating supply and its increased global trade volumes. Share your insights in the comments section below.
Frequently Asked Questions
Which type or type of IRA would be best?
It is essential to find an IRA that matches your needs and lifestyle when you are choosing one. You need to decide whether you want to maximize tax deduction on your contributions, minimize taxes now but pay penalties later, and if you just want to avoid taxes.
If you have little money to invest, the Roth option might make sense. It also makes sense if you continue working after age 59 1/2 and expect to pay income taxes on any accounts withdrawals.
Traditional IRAs might be more beneficial if you are looking to retire early. You'll likely owe income taxes. If you are going to be working beyond 65 years old, the traditional IRA may make more sense because you can withdraw all or part of your earnings without having to pay taxes.
Is a gold IRA worth it?
Yes, but it's not as simple as you think. It all depends on your willingness to take on risk. It's possible to retire with $1 million if your retirement age is reached if you are able to put aside $10,000 per year for 20 consecutive years. If you try to put all your eggs into one basket, you will lose everything.
You need to diversify your investments. Inflation is a problem for gold. You want to invest in an asset class that rises along with inflation. Stocks excel at this because they rise with increased profits. This is also true with bonds. They pay interest every year. They are great in times of economic growth.
But what happens if there's no inflation? When there is no inflation, stocks and bonds will lose even more value. This is why investors should avoid putting all their savings into one investment, such as a bond or stock mutual fund.
Instead, they should invest in a mix of different funds. They could also invest in bonds and stocks. They could also invest in cash or bonds.
By doing so, they are exposed to both the positive and negative sides of the coin. Inflation and deflation. And they will still see a return over time.
Can I store my gold IRA in my home?
Online brokerage accounts are the best way for you to invest your money. You will have the same investment options available as traditional brokers, but you won't need special licenses. There are no fees to invest.
Online brokers often offer free tools to help manage your portfolio. To see the performance and trends of your investments, you can download charts from these brokers.
How does gold and silver IRA work?
You can invest in precious metals like gold and silver without having to pay taxes. They are a good investment option for those who wish to diversify their portfolios.
If you're over 59 1/2, you don't have to pay income taxes on interest earned through these accounts. On any appreciation in value of the account, you don't have to pay capital gain tax. You have to limit the amount you can deposit into this type account. Minimum amount allowed is $10,000 You cannot invest at all if you are under age 59 1/2. The maximum annual contribution is $5,500.
If you die prior to retirement, your beneficiaries may not receive the full amount. After paying all expenses, your assets must be sufficient to cover the remaining balance in your account.
Some banks offer IRA options in gold and silver, while some require you to open a regular brokerage accounts through which you can purchase shares or certificates.
- The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
- Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
How to Buy Gold To Your Gold IRA
Precious metal can be used to refer to gold, silver or platinum as well as osmium and ruthenium. It refers only to elements with atomic number 79-110 (excluding helium). These elements are considered valuable because they are rare and beautiful. Gold and silver are the most popular precious metals. Precious metals are often used as money, jewelry, industrial goods, and art objects.
The price of gold fluctuates daily due to supply and demand. As investors seek safety from unstable economies, there has been an increase in demand for precious metals in the last decade. The increased demand has led to a significant rise in prices. However, some are hesitant to invest in precious metals because of the rising costs of production.
Because it is rare and long-lasting, gold makes a great investment. Gold never loses its value, unlike other investments. You can also sell or buy gold without paying any taxes. You have two options to invest in gold. You have two options: you can buy gold bars and coins, or you can invest in futures contracts.
The physical gold bars and coins provide immediate liquidity. They are easy to store and trade. They aren't very effective in protecting against inflation. If you want to protect yourself from rising prices, consider purchasing gold bullion. Bullion is physical gold, which comes in many sizes and shapes. Bullion comes in a variety of sizes, including kilo bars and one-ounce pieces. Bullion is typically stored in vaults to protect it from theft and fire.
Consider buying gold futures if you would rather own shares than actual gold. Futures let investors speculate on the future price of gold. Gold futures allow you to be exposed to its price without owning any physical commodity.
A gold contract could be purchased if you wanted to speculate on the future price of gold. When the contract expires, my position will either be “long” or “short.” A long contract indicates that I believe the price for gold will rise. Therefore, I'm willing give money to someone now in exchange of the promise that I will get more money after the contract ends. A shorter contract would mean that I believe the gold price will fall. I'm happy to accept the money right now in exchange of the promise that I'll make more money later.
I will receive the amount of gold in the contract, plus interest, when the contract ends. By doing this, I can get exposure to the market price for gold without actually owning it.
Precious metals are great investments because they're extremely hard to counterfeit. Precious metals can't be counterfeited like paper currency. However, new bills can be printed to make them look more authentic. It is because precious metals are hardier than paper currencies that they can be counterfeited by printing new bills.
By: Jamie Redman
Title: FDUSD: A Rising Star in the Stablecoin Market
Sourced From: news.bitcoin.com/fdusds-meteoric-rise-62-surge-in-supply-and-6th-highest-trading-volume-globally/
Published Date: Sat, 28 Oct 2023 16:00:49 +0000