FDUSD Rises to the Top, Usurping USDE’s Place in Stablecoin Rankings
USDE, the yield-bearing stablecoin, has dropped to fifth place in market capitalization among U.S. dollar-pegged tokens.
Over the past three days, its supply has decreased by $130 million, allowing First Digital’s FDUSD to move into the fourth position. As of September 2, 2024, FDUSD’s market cap stands at approximately $2.79 billion, surpassing USDE’s $2.71 billion. While USDE’s market valuation has fallen by $770 million in two months, FDUSD’s supply has increased by 40.1% over the past month.
Despite not offering yield, FDUSD ranks highly in global trading volume, with $3.61 billion traded in the past 24 hours compared to USDE’s $60.95 million. The shift underscores the competitive nature of the stablecoin market and the impact of market dynamics on asset rankings.
Clever Robot News Desk 3rd September 2024
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