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In a recent turn of events, the cryptocurrency world has been introduced to two stablecoins anchored to the U.S. dollar — Aave’s gho ($GHO) and First Digital’s stablecoin $FDUSD. These dollar-tied tokens have rapidly gained momentum, witnessing substantial growth in market capitalization soon after their debut.
A Look at Aave’s $GHO and First Digital’s $FDUSD Growth
In mid-July, the decentralized finance (defi) lending protocol Aave approved a governance proposal and unveiled the platform’s gho ($GHO) stablecoin. On July 17, 2023, there were 2,510,269 $GHO tokens in circulation, and now there are more than 11.25 million $GHO. This implies that $GHO’s supply expanded by over 348% within the last 16 days. Currently, the most popular trading platforms for exchanging $GHO are Uniswap v3 and Balancer v2. $GHO has roughly 357 holders and has recorded a total of 3,479 transactions since its inception.
The 24-hour trading volume of $GHO has hovered around $1.52 million, and Balancer’s Vault accommodates 59.2255% of the entire $GHO supply. The present supply and market capitalization of $GHO position it as the 31st largest stablecoin in August 2023. $GHO exceeded $1 when it jumped to $1.01 per unit or more than 3% higher just 18 days ago. On July 24, 2023, $GHO reached its all-time low at $0.971 per unit.
While a 348% supply surge is impressive, $FDUSD has exhibited an even more remarkable ascent since its introduction. On July 26, 2023, etherscan stats revealed that $FDUSD’s supply was approximately 1,114,126 just a week ago. Today, over 232 million $FDUSD are in circulation, indicating a staggering 20,000% increase in supply within a week. $FDUSD’s statistics also show that there are only 14 holders and a mere 98 transfers have been recorded since its launch.
An estimated 96.0563% of $FDUSD’s supply is held in a wallet named “Binance 14,” while 1.4325% resides in another wallet called “Binance 15.” Binance seemingly controls the third largest wallet containing 1.3670% of the $FDUSD supply. The fourth largest wallet holds slightly more than 2 million $FDUSD, accounting for 0.8604% of the circulating supply. Coinmarketcap.com (CMC) data reveals that $FDUSD’s leading market is tether (USDT), with $65,964,418 traded globally on Binance in the past 24 hours as of August 2, 2023.
Approximately $2,773,961 worth of transactions have been registered against the stablecoin BUSD, and $FDUSD’s BNB volume has been a meager $2,773,961. Even lower is the volume on Pancakeswap which has seen an even smaller $46.65 in 24-hour trade volume on August 2. So far, $FDUSD has recorded an all-time high at $1.06 per unit on July 29, 2023, and an all-time low on July 31, when it hit $0.912 per coin, CMC statistics show.