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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.