FDUSD Supply Surges by 74% in Two Weeks
The stablecoin FDUSD has witnessed remarkable growth over the past two weeks, securing its position as the fifth largest fiat-pegged cryptocurrency in the market. The majority of FDUSD’s market activity and onchain movements are concentrated on the centralized crypto exchange Binance.
With a market capitalization of $1.61 billion, FDUSD currently ranks as the 46th largest digital currency out of a total of over 11,500. As of December 17, FDUSD’s supply has expanded by 74.92% to reach 1.611 billion coins, compared to 921 million coins on December 2.
In the last 24 hours alone, FDUSD has witnessed a significant global trade volume of $2.2 billion, primarily driven by trading pairs with USDT and BTC on Binance. In fact, on Binance, 90.45% of FDUSD’s trading volume originates from these two pairs.
Smaller exchanges like Gate.io, Bingx, Cryptology, and Tokocrypto also offer FDUSD pairs, although on a smaller scale. Notably, FDUSD’s supply is concentrated among only 255 wallets.
Despite the high trade volume and numerous transactions, FDUSD’s activity occurs mostly off-chain, resulting in a modest count of 1,771 transactions. Binance holds control over the top three wallets, with the largest wallet holding 1.533 billion FDUSD, representing 95.1450% of the total supply.
Binance’s control extends to other stablecoins as well. The exchange holds a substantial portion of TUSD and dominates the fourth and fifth largest stablecoins. Binance also commands the two largest BUSD addresses, maintaining a majority hold over the circulating supply of 1.2 billion BUSD.
Hot Take: FDUSD Emerges as One of the Top Fiat-Pegged Cryptocurrencies
The stablecoin asset FDUSD has experienced a remarkable growth spurt in just two weeks, propelling it to become one of the top fiat-pegged cryptocurrencies in the market. Its market capitalization has reached a significant $1.61 billion, solidifying its position as the 46th largest digital currency overall. The surge in FDUSD’s supply by 74.92% reflects the growing demand for stablecoins among crypto investors. While Binance dominates FDUSD’s trading volume, with USDT and BTC pairs leading the charge, other exchanges have also recognized its popularity and offer FDUSD trading pairs on a smaller scale. With its concentration among only 255 wallets, FDUSD’s trajectory showcases its potential for further expansion and adoption in the future.
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