Alexander Savenkov FDUSD Skyrockets to $1.6 Billion Market Cap, Emerging as the Fifth Largest Fiat-Pegged Cryptocurrency Amid Binance Dominance
Over the past fortnight, commencing on December 2, 2023, the stablecoin known as first digital USD (FDUSD) has witnessed a remarkable expansion, augmenting its circulating supply by a staggering 690 million tokens. As of December 17, 2023, this surge has propelled its market capitalization to an impressive $1.61 billion, marking a substantial growth of 74.92%.
Noteworthy Expansion: FDUSD Supply Soars by 74% in 2 Weeks
FDUSD, the fiat-pegged stablecoin, has undergone a substantial transformation within the last fourteen days, securing its position as the fifth-largest cryptocurrency among fiat-pegged alternatives in the market. A substantial portion of FDUSD’s trading activity and on-chain transactions are concentrated on the prominent centralized cryptocurrency exchange, Binance.
With a formidable market capitalization of $1.61 billion, FDUSD now stands as the 46th largest digital currency out of a staggering 11,500-plus cryptocurrencies in existence. According to data from FDUSD’s etherscan contract, as of December 17, 2023, the total supply of FDUSD has surged to 1.611 billion tokens, marking an extraordinary 74.92% increase from the 921 million FDUSD tokens recorded on December 2.
In the past 24 hours alone, FDUSD has witnessed a substantial global trade volume of $2.2 billion, primarily driven by trading pairs with USDT and BTC on Binance. Remarkably, an overwhelming 90.45% of FDUSD’s trading volume during this period emanates from these two specific pairings on the Binance exchange.
Several other exchanges, including Gate.io, Bingx, Cryptology, and Tokocrypto, also feature trading pairs involving FDUSD, albeit on a smaller scale. It’s worth noting that FDUSD’s supply distribution is notably concentrated when compared to other prominent stablecoins, with a mere 255 wallets holding FDUSD.
Despite the high trade volume and a significant number of transactions, FDUSD’s activity predominantly occurs off-chain, as evidenced by its relatively modest count of 1,771 transactions. Notably, the top three wallets holding FDUSD are under the control of Binance, with the largest wallet containing a substantial 1.533 billion FDUSD tokens, constituting 95.1450% of the total supply.
Additionally, the second wallet, also controlled by Binance, holds 4.3751% of the FDUSD supply, further underscoring Binance’s substantial influence over FDUSD. It’s important to highlight that Binance, the world’s largest cryptocurrency exchange in terms of trade volume, also maintains a substantial stake in TUSD, with ownership of 2.17 billion coins out of TUSD’s circulating supply of 2.43 billion.
Binance’s control extends to 21.54% of the tether (USDT) supply, and the exchange dominates the fourth and fifth largest stablecoins in the market. Furthermore, Binance maintains a majority stake in the 1.2 billion BUSD stablecoins in circulation, asserting control over the two largest BUSD addresses.
The remarkable growth of the stablecoin FDUSD within the past two weeks has garnered significant attention in the cryptocurrency market. As this development unfolds, it underscores Binance’s influence over various stablecoin projects and raises questions about the broader implications for the cryptocurrency ecosystem. Feel free to share your insights and perspectives on this subject in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Cryptocurrency Surge
What is FDUSD, and why is it in the spotlight?
FDUSD, short for first digital USD, is a stablecoin pegged to the U.S. dollar. It has garnered attention due to its remarkable growth, increasing its market capitalization to $1.61 billion in just two weeks.
How significant is FDUSD’s growth in the cryptocurrency market?
FDUSD’s growth is noteworthy as it has become the fifth-largest fiat-pegged cryptocurrency in the market. This demonstrates its rising prominence and investor interest in stablecoins.
What role does Binance play in FDUSD’s surge?
Binance, a major cryptocurrency exchange, plays a pivotal role in FDUSD’s growth. A substantial portion of FDUSD’s trading activity occurs on Binance, with USDT and BTC pairs driving a significant portion of its trading volume.
How concentrated is FDUSD’s supply distribution?
FDUSD’s supply is relatively concentrated, with only 255 wallets holding the stablecoin. The top three wallets, all controlled by Binance, hold a significant portion of the total supply, further emphasizing Binance’s influence in the FDUSD ecosystem.
What are the implications of Binance’s control over stablecoins?
Binance’s dominance extends beyond FDUSD to other stablecoins like TUSD, USDT, and BUSD. This raises questions about Binance’s influence over stablecoin projects and its broader impact on the cryptocurrency ecosystem.
More about Cryptocurrency Surge
- FDUSD Official Website
- Binance Cryptocurrency Exchange
- Cryptocurrency Market Capitalization Data
- Stablecoin Information and Trends
