In just two weeks since December 2, 2023, the stablecoin asset, first digital USD (FDUSD), has experienced a remarkable expansion, with its supply increasing by 690 million coins. As of December 17, 2023, this surge has propelled FDUSD's market capitalization to a significant $1.61 billion, marking a growth of 74.92%.
FDUSD Emerges as Fifth-Largest Fiat-Pegged Cryptocurrency
Over the past two weeks, FDUSD has witnessed substantial growth, emerging as the fifth-largest fiat-pegged cryptocurrency in the market. The majority of FDUSD's market activity and onchain movements are concentrated on the centralized crypto exchange, Binance.
With a market capitalization of $1.61 billion, FDUSD currently ranks 46th among over 11,500 digital currencies. According to FDUSD's etherscan contract, its supply reached 1.611 billion on December 17, representing a 74.92% increase from the 921 million FDUSD tokens on December 2.
FDUSD Trading Volume Driven by USDT and BTC Pairs on Binance
In the past 24 hours, FDUSD has experienced a substantial global trade volume of $2.2 billion, primarily driven by trading pairs with USDT and BTC on Binance. In fact, an overwhelming 90.45% of FDUSD's trading volume during this period originates from these two pairings on Binance.
Other exchanges such as Gate.io, Bingx, Cryptology, and Tokocrypto also offer FDUSD trading pairs, albeit on a smaller scale. It is worth noting that FDUSD's supply distribution is more concentrated compared to other leading stablecoins, as only 255 wallets hold FDUSD.
Binance's Control Over FDUSD Supply
Despite its high trade volume and numerous transactions, FDUSD's activity is predominantly off-chain, evidenced by its modest count of 1,771 transactions. The top three wallets holding FDUSD are under the control of Binance, with the largest wallet containing 1.533 billion FDUSD tokens, accounting for 95.1450% of the total supply.
Furthermore, Binance's second wallet holds 4.3751% of the FDUSD supply, highlighting Binance's significant control over FDUSD. Binance, the largest cryptocurrency exchange by trade volume, also holds a substantial portion of TUSD, with 2.17 billion coins out of TUSD's circulating supply of 2.43 billion.
Binance's control extends to 21.54% of the tether (USDT) supply and also dominates the fourth and fifth largest stablecoins. Additionally, Binance holds a majority share of the 1.2 billion BUSD stablecoins in circulation, commanding the two largest BUSD addresses.
What are your thoughts on the recent growth of the stablecoin FDUSD? Feel free to share your opinions in the comments section below.
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
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By: Jamie Redman
Title: FDUSD Supply Surges by 74% in Two Weeks, Becomes Fifth-Largest Fiat-Pegged Cryptocurrency
Sourced From: news.bitcoin.com/fdusd-rockets-to-1-6b-market-cap-becoming-fifth-largest-fiat-pegged-crypto-amid-binance-concentration/
Published Date: Sun, 17 Dec 2023 21:30:34 +0000