Newly Launched FDUSD Emerges as Fourth-Largest Stablecoin
Since its launch on Jan. 1, 2024, FDUSD, the first digital USD stablecoin, has experienced impressive growth, with its market capitalization soaring by $1 billion. As of Jan. 21, 2024, FDUSD has become the fourth-largest stablecoin, valued at $2.61 billion. This marks a significant increase from its initial market cap of $1.6 billion.
FDUSD Outperforms Competing Stablecoins
FDUSD has surpassed TUSD, USDD, and FRAX to secure its position in the stablecoin hierarchy, ranking below USDT, USDC, and DAI. Over the past 30 days, the supply of FDUSD has increased by an impressive 45.7%. Currently, there are 452 individual holders of the ERC20 variant of FDUSD, which is backed by the Ethereum network and has a supply of 2.564 billion FDUSD. On the BNB chain, there are 3,545 distinct wallets holding the BNB version of FDUSD, with a total supply of 49,380,678 FDUSD.
Binance Dominates the FDUSD Market
In both the Ethereum and BNB versions of FDUSD, Binance holds the majority of the wallets. For the BNB-based FDUSD, Binance controls the top three wallets, accounting for 82.1% of the total supply. Similarly, in the case of the ERC20 variant, Binance maintains control over the top three wallets, representing 97.48% of the total supply. The top 100 holders collectively possess 99.01% of the BNB-minted coins, further demonstrating Binance's dominance in the FDUSD market.
FDUSD's Trading Volume and Utility
Although there has been limited on-chain activity for both versions of FDUSD, the stablecoin boasts the sixth largest trading volume on Sundays. This suggests that the majority of FDUSD's transactions occur off-chain and through order books. To date, the ERC20 version has witnessed 2,896 transactions, while the BNB version has been involved in 60,747 transactions. It is evident that centralized exchanges play a significant role in FDUSD's current presence, overshadowing decentralized finance (defi) protocols.
What are your thoughts on FDUSD's market capitalization reaching $2.6 billion? Share your opinions in the comments section below.
Frequently Asked Questions
What are some of the advantages and disadvantages to a gold IRA
For those who don't have the ability to access traditional banking services but want to diversify their portfolios, a gold IRA can be a great investment option. It allows you to invest in precious metals such as gold, silver, and platinum without paying taxes on any gains until they're withdrawn from the account.
There is a downside to this: if you withdraw your earnings early, you'll be subject to normal income tax. But because these funds are held outside of the country, there is little chance of them being seized by creditors when you default on your loan.
A gold IRA could be the best option for you if your goal is to have gold that you can own without worrying about taxes.
Can I place gold in my IRA account?
Yes, it is possible! It is possible to add gold to your retirement plans. Because gold doesn't lose its value over time, it is an excellent investment. It protects against inflation. And you don't have to pay taxes on it either.
Before investing in gold, you need to know that it's not like other investments. You can't buy shares in companies that make gold unlike bonds or stocks. Nor can you sell them.
Instead, you must convert your gold to cash. This means that you'll have to get rid of it. It is not possible to keep it.
This makes gold an investment that is different from other investments. Similar to other investments, gold can be sold at any time. With gold, this isn't true.
You can't even use your gold as collateral to get loans. To cover a mortgage, you may need to give up some gold.
What does all this mean? You can't just keep your gold forever. You'll eventually need to convert it into cash.
You don't have to worry about this now. All you have to do is open an IRA account. Then, you can invest in gold.
Can you make money on a gold IRA?
Two things are necessary if you want to make a profit on your investment. First, you need to understand the market. Second, you need to know what type of products you have.
Trading is not a good idea if you don’t know what you need.
Find a broker that offers the best service to your account type.
You have many options, including Roth IRAs as well as standard IRAs.
A rollover is also an option for those who already own stocks and bonds.
What precious metals are permitted in an IRA
The most common precious metallic used in IRA accounts, is gold. As investments, you can also buy bars and bullion coins made of gold.
Precious metals are considered safe investments because they don't lose value over time. They're also considered a great way to diversify an investment portfolio.
Precious metallics include platinum, silver and palladium. These three metals are similar in their properties. However, each one has its unique uses.
Platinum is used to make jewelry, for example. For the creation of catalysts, palladium can be used. For producing coins, silver is used.
You should consider the amount you will spend on your gold before you decide which precious metal. A lower-cost ounce of gold might be a better option.
You need to decide if you want your investment to remain private. If you have the desire to keep your investment private, palladium might be the best choice.
Palladium is worth more than gold. However, it is also rarer. It is likely you will need to pay more.
Storage fees are another important consideration when choosing between silver and gold. Gold is stored by weight. For larger quantities of gold, you will be charged a higher storage fee.
Silver is stored according to its volume. Silver is priced by volume. You will pay less to store smaller amounts.
Keep in mind all IRS rules when you store precious metals inside an IRA. This includes keeping records of transactions and reporting them back to the IRS.
How does gold and silver IRA work?
A gold and silver IRA allows you to invest in precious metals, such as gold and silver, without paying taxes on any gains. They are a good investment option for those who wish to diversify their portfolios.
If you are over 59 1/2, income tax is not due on the interest earned from these accounts. The appreciation of the account's value does not trigger capital gains tax. The maximum amount that you can invest in this type of account is $10,000. The minimum amount that you can invest is $10,000. If you're under the age of 59 1/2, investing is not allowed. The maximum annual contribution is $5,000.
You may not receive the entire amount if you pass away before retirement. After all expenses have been paid, your estate must contain enough assets to cover any remaining balance in your account.
Some banks offer a silver and gold IRA option. Others require you open a regular broker account, through which shares or certificates can be purchased.
Statistics
- To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.com)
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
- SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
External Links
investopedia.com
regalassets.com
wsj.com
takemetothesite.com
How To
Things to Remember: Best Precious Metals Ira, 2022
Precious Metals Ira has become a popular choice for investors. This article will explain what makes precious metals Ira so appealing and how you can make smart decisions when investing in them.
These assets are renowned for their long-term potential growth. If we look at historical data, gold prices show incredible returns. Over the past 200+ years, gold prices rose from $20 to almost $1900 an ounce. The S&P 500 Index grew only by about 50%.
During times of economic uncertainty, people consider gold a safety net. When the stock market suffers bad days, people tend to sell stocks and move into the safety of gold. Also, gold is considered a hedge against inflation. Many economists believe there will always be inflation. As such, physical gold is an excellent way to protect your savings and prevent future price increases.
There are a few things you need to remember before purchasing precious metals like silver, gold or platinum. First, determine whether you are interested in investing in bullion bar coins or coins. Bullion bars are often purchased in large quantities (like 100 grams) and stored until needed. Bullion bars are often replaced by coins, which can be used to buy smaller amounts of bullion.
The second is to think about where you intend to store precious metals. Some countries are safer than other. For example, you might consider storing precious metals overseas if your home country is the United States. You might also want to consider why you would store them in Switzerland if they aren't already.
Finally, decide whether you want investment in precious metals directly (or through precious metals exchange traded funds) (ETFs). ETFs are financial instruments which track the performance and price movements of different commodities like gold. You can use them to get exposure without actually owning precious metals.
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By: Jamie Redman
Title: FDUSD Market Cap Surges to $2.6 Billion in 30 Days
Sourced From: news.bitcoin.com/fdusd-market-cap-skyrockets-by-1-billion-in-2024-clinching-top-4-stablecoin-spot/
Published Date: Sun, 21 Jan 2024 18:30:03 +0000
