FDUSD: From Obscurity to Top-Tier Stablecoin in Under Three Months
In just 87 days, the recently introduced stablecoin FDUSD has experienced remarkable growth, with its circulating supply surging by 62% since the beginning of August.
This surge has propelled FDUSD into the top ten stablecoins by market capitalization, and its market volume share has expanded significantly. Since August 4, 2023, its supply has grown from 260 million to its current standing at 423 million as of October 28, 2023.
FDUSD has also witnessed a global increase in trading volume, ranking sixth in terms of trading volume among more than 10,000 existing crypto assets. In the last 24 hours, FDUSD recorded a trading volume of $1.62 billion. While tether (USDT) remains the leading trading pair for bitcoin (BTC), FDUSD is now the second-largest trading pair for the top cryptocurrency. It currently holds the 85th position within the top 100 cryptocurrencies by market capitalization.
However, it’s essential to note that most of FDUSD’s trading volume is concentrated on Binance, with only 141 unique addresses holding this stablecoin. Additionally, FDUSD has seen a relatively low number of transactions since its inception, with just 752 recorded. The top 100 holders collectively control 100% of the supply, with Binance holding the majority of the circulating FDUSD, accounting for 79.39% of the total. Of the top five FDUSD wallets, Binance owns three, while anonymous entities hold the other two, one of which also possesses significant assets in USDT and USDC.
Clever Robot News Desk 30th October 2023
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