In the fortnight since Dec. 2, 2023, the stablecoin asset first digital usd (FDUSD) experienced a notable expansion, increasing its supply by 690 million coins. As of Dec. 17, 2023, this surge has elevated its market capitalization to a significant $1.61 billion. This period witnessed the U.S.-dollar-pegged token’s significant growth of 74.92%.
FDUSD Supply Swells by 74% in 2 Weeks
The stablecoin FDUSD has experienced significant growth in the last two weeks, ascending to the position of the fifth-largest fiat-pegged cryptocurrency in the market. A significant portion 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 ranks as the 46th largest among over 11,500 digital currencies. FDUSD’s etherscan contract indicates that as of December 17, FDUSD’s supply reached 1.611 billion, up 74.92% from 921 million FDUSD on December 2.
In the last 24 hours, FDUSD has seen a substantial $2.2 billion in global trade volume, primarily driven by USDT and BTC pairs on Binance. In fact, an overwhelming 90.45% of FDUSD’s trading volume in this period originates from these two pairings on Binance.
Additional exchanges like Gate.io, Bingx, Cryptology, and Tokocrypto also feature FDUSD pairs, albeit on a smaller scale. FDUSD’s supply distribution is notably concentrated compared to other leading stablecoins, with only 255 wallets holding FDUSD.
Despite a high trade volume and numerous transactions, FDUSD’s activity is predominantly off-chain, reflected in its modest count of 1,771 transactions. The top three wallets holding FDUSD are under Binance’s control, with the largest wallet containing 1.533 billion FDUSD, amounting to 95.1450% of the total supply.
Furthermore, the second wallet utilized by Binance holds 4.3751% of the FDUSD supply, indicating Binance’s significant control over FDUSD. Binance, the largest cryptocurrency exchange by trade volume, also possesses a substantial portion of TUSD, with 2.17 billion coins out of TUSD’s circulating 2.43 billion.
This control extends to 21.54% of the tether (USDT) supply, and Binance dominates the fourth and fifth largest stablecoins. Beyond this, Binance maintains a majority hold over the 1.2 billion BUSD stablecoins in circulation, commanding the two largest BUSD addresses.
What do you think about the stablecoin FDUSD’s growth in the past two weeks? Share your thoughts and opinions about this subject in the comments section below.
source https://news.bitcoin.com/fdusd-rockets-to-1-6b-market-cap-becoming-fifth-largest-fiat-pegged-crypto-amid-binance-concentration/
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