FDUSD’s Circulating Supply Surges by 62%
The stablecoin FDUSD has experienced a significant increase in its circulating supply, rising by 62% since August. This surge has propelled FDUSD into the top ten stablecoins by market capitalization and expanded its market volume share.
FDUSD Emerges as Dark Horse in Stablecoin Arena
The once-obscure stablecoin FDUSD has seen a rise in popularity. Its supply has increased by 62% since August, reaching a current standing of 423 million tokens. In terms of trading volume, FDUSD secured the sixth position among more than 10,000 crypto assets, with $1.62 billion traded globally in the past 24 hours.
FDUSD: Second-Largest Trading Pair for Bitcoin
While tether (USDT) remains the leading trading pair for bitcoin (BTC), FDUSD holds the distinction of being the second-largest trading pair for BTC. In terms of market capitalization, FDUSD ranks 85th among all cryptocurrency assets.
FDUSD Trading Volume Concentrated on Binance
The majority of FDUSD trading occurs on Binance, with only 141 unique addresses holding this stablecoin. Additionally, most trading activity takes place off-chain, with only 752 recorded transactions since its inception.
Top Holders Control Majority of FDUSD Supply
The top 100 holders of FDUSD collectively control 100% of the supply, with Binance holding a substantial 79.39%. Among the top five wallets, three belong to Binance, while two are held by anonymous individuals. One anonymous holder also possesses significant amounts of USDT and USDC.
Hot Take: FDUSD’s Rapid Growth and Dominance
FDUSD has quickly risen to prominence in the stablecoin arena, with its circulating supply increasing by 62% in just a few months. Its trading volume has also surged, making it the second-largest trading pair for bitcoin. However, concerns arise due to the concentration of supply among a small number of top holders, particularly Binance. The future trajectory of FDUSD will depend on whether it can maintain its growth and address these concentration issues.
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