FDUSD Market Cap Reaches $2.6 Billion, Clinching Top 4 Stablecoin Spot
January 22, 2024 | by stockcoin.net
The FDUSD stablecoin has experienced a significant surge in market capitalization, reaching $2.6 billion and securing its position as the fourth-largest stablecoin in the market. Since the beginning of 2024, FDUSD’s market cap has skyrocketed by $1 billion, with a supply increase of 45.7% in just 30 days. This growth has propelled FDUSD ahead of other stablecoins like TUSD, USDD, and FRAX, positioning it below USDT, USDC, and DAI. While FDUSD has a considerable number of holders, most of its trading volume occurs off-chain and through centralized exchanges rather than decentralized finance protocols.
FDUSD’s Market Cap Swells from $1.6 Billion to $2.6 Billion in Just 30 Days
The newly launched FDUSD has experienced significant growth in its market capitalization, reaching $2.6 billion in just 30 days. This marks a substantial increase from its initial market cap of $1.6 billion at the beginning of the year. This rise can be attributed to the rapid growth and widespread adoption of FDUSD in the cryptocurrency market.
To provide further insight into FDUSD’s market cap growth, data from Coingecko.com has been analyzed. Based on this data, FDUSD is currently ranked as the fourth-largest stablecoin in terms of market capitalization, surpassed only by USDT, USDC, and DAI. This achievement highlights FDUSD’s position as one of the top stablecoins in the market.
Newly Launched FDUSD: One of the Fastest-Growing Stablecoins
FDUSD has gained recognition as one of the fastest-growing stablecoins since its launch. Its market valuation has increased by $1 billion since the beginning of the year, demonstrating its rapid growth and strong demand in the cryptocurrency market. As an innovative digital asset, FDUSD offers stability and reliability to its users.
FDUSD, also known as First Digital USD, is a dollar-pegged token that operates on the Ethereum blockchain. It provides users with a secure and efficient means of transferring value, enabling seamless transactions with minimal fees. With its swift rise in market capitalization, FDUSD has proven to be a formidable player in the stablecoin market.
FDUSD Climbs to Become Fourth-Largest Stablecoin
With its remarkable growth, FDUSD has climbed the ranks to become the fourth-largest stablecoin in terms of market capitalization. This accomplishment showcases the increasing popularity and acceptance of FDUSD among users and investors in the cryptocurrency space.
Surpassing other stablecoins such as TUSD, USDD, and FRAX, FDUSD has established itself as a significant player in the stablecoin hierarchy. Its market capitalization of $2.6 billion reflects the trust and confidence that users have placed in FDUSD as a reliable and stable digital asset.
FDUSD Surpasses TUSD, USDD, and FRAX in Stablecoin Hierarchy
A comparative analysis of FDUSD and other stablecoins reveals that FDUSD has exceeded the market capitalization of TUSD, USDD, and FRAX. This achievement further solidifies its position as a top stablecoin in the market.
By surpassing these stablecoins, FDUSD has demonstrated its appeal and value proposition to users. Its secure and reliable nature, combined with its rapid growth, has contributed to its climb in the stablecoin hierarchy.
45.7% Growth in FDUSD Supply in 30 Days
FDUSD has experienced a significant increase in its token supply, with a growth rate of 45.7% in just 30 days. This expansion in supply showcases the rising demand for FDUSD and the increased adoption of the digital asset in the market.
Statistics indicate that FDUSD’s supply has risen from 1.769 billion tokens to 2.614 billion tokens in the span of a month. This growth reflects the growing popularity and acceptance of FDUSD among users and investors.
452 Individual Holders of ERC20 FDUSD
The ERC20 variant of FDUSD, which operates on the Ethereum blockchain, has garnered interest from 452 individual holders. These holders possess FDUSD tokens, further contributing to the growth and adoption of FDUSD as a stablecoin.
The possession of FDUSD tokens by individual holders demonstrates their confidence in the digital asset and their belief in its stability. As more users recognize the benefits of FDUSD, its user base is expected to continue expanding.
BNB Chain Issued 49,380,678 FDUSD
Additionally, the Binance Smart Chain (BNB) has issued a significant number of FDUSD tokens, totaling 49,380,678. This development highlights the versatility and compatibility of FDUSD across different blockchain networks.
By issuing FDUSD on the BNB chain, a wider range of users can access and utilize FDUSD for their financial transactions. This expansion broadens the reach of FDUSD and strengthens its position in the cryptocurrency market.
Dominance of Binance in FDUSD on BNB Chain
Binance, one of the leading cryptocurrency exchanges, holds a dominant position in the BNB-based FDUSD ecosystem. Binance controls the top three wallets for BNB-based FDUSD, accounting for a significant 82.1% of the 49.38 million FDUSD tokens minted on BNB.
This dominance showcases Binance’s influence and participation in the FDUSD market. The top 100 holders collectively possess 99.01% of the BNB-minted FDUSD coins, further solidifying Binance’s control in this sector.
Trading Volume and Onchain Action of FDUSD
While FDUSD has witnessed minimal onchain activity, it holds the sixth largest trading volume on Sunday, indicating that most of the token’s trading occurs off-chain and via order books. This highlights the preference for centralized exchanges when trading FDUSD.
The ERC20 version of FDUSD has recorded a total of 2,896 transactions, while the BNB version has seen 60,747 transactions. These figures showcase the active trading and widespread use of FDUSD, albeit primarily through centralized exchanges.
FDUSD’s Presence on Centralized Exchanges vs Decentralized Finance
FDUSD has maintained a significant presence on centralized exchanges, where most of its trading activity occurs. This emphasizes the role of centralized exchanges in facilitating the trading and liquidity of FDUSD.
While FDUSD’s presence in decentralized finance (Defi) protocols is relatively limited, its prominence on centralized exchanges demonstrates that FDUSD continues to be primarily utilized within traditional trading environments. However, as Defi platforms gain more traction, the presence of FDUSD in this sector may increase.
In conclusion, FDUSD has experienced remarkable growth in its market capitalization, climbing to become the fourth-largest stablecoin. Its widespread adoption and rapid increase in supply reflect its appeal to users and investors. As FDUSD continues to solidify its position in the cryptocurrency market, its presence on both centralized exchanges and Defi platforms may continue to evolve.