FDUSD Market Cap Approaching $1 Billion
New data shows that FDUSD, a stablecoin, is rapidly approaching a market capitalization of $1 billion. This growth has occurred over the past 120 days since August 4, 2023, with the supply of FDUSD expanding by 253%. Currently, there are approximately 921 million FDUSD tokens in circulation.
Issuer Releases Three Attestations
The issuer of FDUSD has released three attestations, with the most recent monthly report concluding in October. This report can be found here.
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Binance Dominates FDUSD Landscape
Out of the 921 million FDUSD tokens in existence, only 224 holders possess the stablecoin. Binance holds the top three addresses, with the leading address alone accounting for 90.96% of the total supply. Binance’s second wallet contains 7.65% of circulating FDUSD, while the third wallet holds 0.81%. Wintermute and an unidentified owner also hold significant amounts of FDUSD.
FDUSD Ranks Sixth Among USD-Pegged Tokens
FDUSD is currently the sixth-largest USD-pegged token by market capitalization. It falls behind BUSD, TUSD, and DAI but surpasses newer entrants like PYUSD, USDD, and GUSD.
Hot Take: FDUSD’s Rapid Growth Positions It as a Strong Competitor in the Stablecoin Market
With its market capitalization approaching $1 billion and a significant increase in supply, FDUSD has established itself as a formidable player in the stablecoin market. Its rising prominence and larger circulation than newer entrants highlight its potential as a strong competitor. While it may not yet match the giants like USDC and USDT, FDUSD’s growth is impressive and suggests further success in the future.
