Monday, October 2, 2023

Massive Supply Growth for GHO and FDUSD Stablecoins Following Recent Launch

The cryptocurrency market has witnessed a significant development with the introduction of two stablecoins tied to the U.S. dollar – GHO by Aave and FDUSD by First Digital. Both tokens have experienced rapid expansion in market capitalization since their debut.

Aave’s GHO stablecoin was unveiled in mid-July after receiving approval through a governance proposal in the decentralized finance (defi) lending protocol. Initially, there were 2,510,269 GHO tokens in circulation, but this number has skyrocketed to over 11.25 million within just 16 days, representing an impressive supply growth of more than 348%. GHO is currently being actively traded on popular platforms like Uniswap v3 and Balancer v2, with around 357 holders and a total of 3,479 transactions recorded.

Meanwhile, the growth of First Digital’s FDUSD stablecoin has been even more remarkable. In the span of a week since its launch on July 26, the supply of FDUSD surged from approximately 1,114,126 to over 232 million tokens, indicating an astounding 20,000% increase in supply. Notably, FDUSD has only 14 holders, and the number of recorded transfers stands at 98.

In terms of market capitalization, GHO currently ranks as the 31st largest stablecoin, while FDUSD has climbed to the 13th position. The leading trading market for FDUSD is tether (USDT) on Binance, with significant global trading volume.

It’s evident that both GHO and FDUSD have experienced exponential supply growth, reflecting the growing interest and adoption of stablecoins in the cryptocurrency space. As the market continues to evolve, it will be interesting to observe how these stablecoins perform and their impact on the broader crypto ecosystem. Feel free to share your thoughts and opinions on this subject in the comments section below.

Frequently Asked Questions (FAQs) about cryptocurrency stablecoins

What are GHO and FDUSD stablecoins?

GHO and FDUSD are stablecoins tied to the U.S. dollar. GHO is launched by Aave, a decentralized finance lending protocol, while FDUSD is introduced by First Digital.

How much has the supply of GHO increased since its debut?

Within 16 days of its launch, the supply of GHO expanded by over 348%, going from 2,510,269 tokens to more than 11.25 million.

What has been the supply growth of FDUSD?

FDUSD has experienced a staggering supply growth of 20,000% within just one week after its launch, increasing from approximately 1,114,126 tokens to over 232 million.

Which platforms are popular for trading GHO?

GHO is commonly traded on Uniswap v3 and Balancer v2.

How many holders are there for GHO and FDUSD?

GHO has around 357 holders, while FDUSD has only 14 holders.

What are the all-time highs and lows for GHO and FDUSD?

GHO reached an all-time high of $1.01 per unit and an all-time low of $0.971 per unit. FDUSD’s all-time high was $1.06 per unit, and the all-time low was $0.912 per coin.

Which wallets hold the majority of FDUSD’s supply?

An estimated 96.0563% of FDUSD’s supply is held in “Binance 14” wallet, followed by “Binance 15” with 1.4325%, and Binance’s own wallet with 1.3670%.

What is the leading trading market for FDUSD?

The leading market for FDUSD is tether (USDT) on Binance, with $65,964,418 traded globally in the past 24 hours.

How many transactions have been recorded for GHO and FDUSD?

GHO has recorded 3,479 transactions since its launch, while FDUSD has only 98 recorded transfers.

What is the current ranking of GHO and FDUSD in terms of market capitalization?

As of August 2023, GHO is the 31st largest stablecoin, and FDUSD has climbed to the 13th position in terms of market capitalization.

More about cryptocurrency stablecoins


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