Giovanni Russo Over the past 85 days, FDUSD, a recently launched stablecoin, has seen a remarkable uptick in its circulating supply, increasing by 62% since early August. This significant rise has catapulted FDUSD into the top ten stablecoins by market capitalization and has considerably broadened its share in market volume.
Table Of Contents
FDUSD: An Unexpected Contender in the Stablecoin Market
In the competitive landscape of stablecoins tied to the dollar, FDUSD, also referred to as First Digital USD, has seen a marked increase in significance. From its count of 260 million on August 4, 2023, its circulating supply has swelled to a current figure of 423 million as of October 28, 2023.
The stablecoin has also experienced a global boost in trade volume. Data shows that as of Saturday, FDUSD occupies the sixth rank in trade volume among an extensive list of over 10,000 cryptocurrencies. Metrics provided by coingecko.com indicate that the asset has seen a considerable trading activity amounting to $1.62 billion over the past 24 hours.
On Saturday, October 28, 2023, FDUSD captured the seventh-largest trade volume globally.
While Tether (USDT) continues to be the predominant trading pair for Bitcoin (BTC), statistical information from cryptocompare.com underscores FDUSD’s emerging role as the second most significant trading pair for the flagship cryptocurrency. Within the top 100 cryptocurrency assets ranked by market capitalization, FDUSD holds the 85th position.
Notably, most of the trading volume for FDUSD is concentrated on the Binance exchange. A mere 141 unique wallet addresses hold the stablecoin. Additionally, the bulk of the trading activity is off-chain, as only 752 transactions have been recorded since the stablecoin’s introduction.
The distribution of FDUSD ownership is notably concentrated. The top 100 account holders have a stranglehold on the entire circulating supply, holding precisely 423,305,155 tokens of the total 423,305,427 available. Binance is the principal holder of FDUSD, with a single account having control over an impressive 79.39% of the circulating tokens.
Among the five leading FDUSD wallets, Binance owns three. The other two are controlled by unidentified holders. The third-largest wallet, whose owner remains unidentified, holds 2.02 million FDUSD. The fifth major wallet, also owned anonymously, manages 999,998 FDUSD and additionally holds other assets totaling $2.6 million in USDT and $1.27 million in USDC.
We invite you to share your perspectives and viewpoints on the significant rise in FDUSD’s supply and its remarkable surge in global trade volume in the comments section below.
Frequently Asked Questions (FAQs) about FDUSD growth
What is the primary focus of the article?
The article primarily focuses on the significant growth of the FDUSD stablecoin. It examines the 62% surge in the circulating supply of FDUSD over the past 85 days and its current standing in terms of global trade volume, where it ranks sixth.
What time frame does the article cover?
The article covers a time frame of 85 days, starting from August 4, 2023, to October 28, 2023.
What has been FDUSD’s key achievement in terms of supply?
FDUSD has witnessed a 62% increase in its circulating supply, rising from 260 million on August 4, 2023, to 423 million as of October 28, 2023.
Where does FDUSD rank in global trading volume?
As of October 28, 2023, FDUSD ranks sixth in global trading volume among over 10,000 existing cryptocurrencies. It recorded a trading volume of $1.62 billion in the past 24 hours.
What trading platforms primarily feature FDUSD?
The majority of FDUSD’s trading volume occurs on the Binance exchange platform.
How concentrated is the ownership of FDUSD?
The ownership of FDUSD is highly concentrated. The top 100 holders control 100% of the circulating supply, and a single account on Binance controls 79.39% of all FDUSD in circulation.
What is FDUSD’s standing as a trading pair for Bitcoin?
According to statistics from cryptocompare.com, FDUSD serves as the second-largest trading pair for Bitcoin (BTC), following Tether (USDT).
How many transactions have been recorded for FDUSD since its inception?
Since its introduction, FDUSD has recorded a modest number of 752 transactions, with most of the trading activity occurring off-chain.
Who are the top holders of FDUSD?
Among the top five FDUSD wallets, Binance claims ownership of three. The remaining two are controlled by anonymous holders.
What other assets do the top FDUSD wallets hold?
The fifth-largest FDUSD wallet, owned anonymously, also holds other assets, including $2.6 million in USDT and $1.27 million in USDC.
More about FDUSD growth
- FDUSD Official Website
- Coingecko: FDUSD Metrics
- Cryptocompare: FDUSD and Bitcoin Trading Data
- Binance: FDUSD Trading Volume and Ownership
- Market Capitalization Rankings for Cryptocurrencies
- Understanding Stablecoins: An Overview
- Concentration of Cryptocurrency Ownership: A Study
- Off-Chain vs On-Chain Transactions: A Comparative Analysis
7 comments
Good stats, but more info on why its growing so fast would have been great. Any regulatory challenges ahead?
those top 5 wallets tho, especially the 5th one. holding other assets as well. Diversifying, smart.
The ownership is way too concentrated for my taste. Top 100 holders owning 100%? Sounds risky.
didn’t know that FDUSD was mostly traded on Binance. Makes me wonder what would happen if Binance faces issues.
Wow, 62% growth in just 85 days! thats insane. Where do you see FDUSD heading in the next couple of months?
752 transactions since inception but 6th in global trading volume? Something doesn’t add up, or is it all just high-value transactions?
Interesting to see FDUSD as the 2nd largest trading pair for BTC. Tether finally has some competition, huh.