In the span of the past 85 days, the recently introduced stablecoin known as FDUSD has witnessed a significant surge in its circulating supply, soaring by 62% since the commencement of August. This surge in supply has propelled FDUSD into the echelons of the top ten stablecoins by market capitalization, while its market volume share has experienced a substantial expansion.
FDUSD Emerges as Dark Horse in Stablecoin Arena
In the realm of dollar-pegged digital tokens, the once-obscure stablecoin known as first digital usd (FDUSD) has witnessed a significant rise. Since August 4, 2023, its supply has undergone expansion, surging by 62% from 260 million to its current standing at 423 million as of October 28, 2023.
A global surge in trading volume has also been recorded, with data revealing that on Saturday, FDUSD secured the sixth position in terms of trading volume among more than 10,000 existing crypto assets. According to metrics from coingecko.com, the past 24 hours have witnessed FDUSD being traded globally to the tune of a substantial $1.62 billion.
While tether (USDT) maintains its position as the leading trading pair for bitcoin (BTC), statistics from cryptocompare.com highlight FDUSD’s distinction as the second-largest trading pair for the leading cryptocurrency. In the hierarchy of cryptocurrency assets by market capitalization, FDUSD holds the 85th position within the top 100.
However, it is worth noting that FDUSD’s trading volume primarily congregates within Binance, and a mere 141 unique addresses hold this stablecoin. Moreover, the majority of the trading activity occurs off-chain, as FDUSD has only recorded a modest 752 transactions since its inception.
The upper echelon of holders exerts dominant control, with the top 100 holders collectively commanding a staggering 100% of the supply, which amounts to 423,305,155 tokens out of the total 423,305,427 supply. Binance emerges as the foremost holder, with a single account wielding authority over a substantial 79.39% of the total FDUSD in circulation.
Among the top five FDUSD wallets, Binance claims ownership of three. The remaining two wallets belong to anonymous holders, with the third holder’s identity shrouded in mystery, yet holding 2.02 million FDUSD. The fifth-largest holder, also operating incognito, boasts control over 999,998 FDUSD. Interestingly, this particular wallet holds additional assets, with $2.6 million in USDT and $1.27 million in USDC to its name.
What do you think about FDUSD’s supply rise and uptick in global trade volumes? Share your thoughts and opinions about this subject in the comments section below.
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