FDUSD Sees Market Capitalization Soar by $1 Billion
The market capitalization of FDUSD, a stablecoin crypto asset, has experienced significant growth since the beginning of the year. Within just 30 days, its market cap has increased by $1 billion, reaching a total supply of 2.614 billion FDUSD following a supply increase of 45.7%.
FDUSD Emerges as the Fourth-Largest Stablecoin
Favored by rapid growth, FDUSD has become one of the fastest-growing stablecoins. It currently holds the position of the fourth-largest stablecoin in terms of market capitalization, valued at $2.61 billion as of January 21st. This marks a substantial increase from its $1.6 billion market cap on January 1st.
FDUSD Ascends Above Competing Stablecoins
In the hierarchy of stablecoins, FDUSD surpasses TUSD, USDD, and FRAX, ranking beneath USDT, USDC, and DAI. It has seen a notable 45.7% growth in supply since December 22, 2023. Presently, 452 individual holders possess the ERC20 variant of FDUSD, while the BNB chain has issued 49,380,678 FDUSD.
Binance Dominates FDUSD Holdings on Both Chains
Binance holds a significant majority of FDUSD holdings on both the BNB and Ethereum chains. The top three wallets for BNB-based FDUSD are controlled by Binance, representing 82.1% of the total supply. Similarly, Binance maintains control over the top three wallets for the ERC20 version of FDUSD, accounting for 97.48% of the total supply.
FDUSD Trading Volume Occurs Off-Chain
Although FDUSD tokens show minimal on-chain activity, the stablecoin holds the sixth-largest trading volume on Sundays. This suggests that the majority of FDUSD transactions take place off-chain and through order books, rather than decentralized finance (defi) protocols. The ERC20 version of FDUSD has witnessed 2,896 transactions, while the BNB version has been transacted 60,747 times to date.
Hot Take: FDUSD Achieves Remarkable Growth in Market Capitalization
The stablecoin FDUSD has experienced remarkable growth in its market capitalization, soaring by $1 billion in just 30 days. It has emerged as the fourth-largest stablecoin and surpassed its competing counterparts in terms of market valuation. With Binance dominating FDUSD holdings, the stablecoin’s trading volume primarily occurs off-chain. This significant growth highlights the increasing popularity and adoption of FDUSD in the crypto market.
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