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GHO and FDUSD Stablecoins See Massive Supply Growth in Recent Debut


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GHO and FDUSD Stablecoins See Massive Supply Growth in Recent Debut

In a recent turn of events, the cryptocurrency world has been introduced to two stablecoins anchored to the U.S. dollar — Aave’s gho (GHO) and First Digital’s stablecoin FDUSD. These dollar-tied tokens have rapidly gained momentum, witnessing substantial growth in market capitalization soon after their debut.

A Look at Aave’s GHO and First Digital’s FDUSD Growth

In mid-July, the decentralized finance (defi) lending protocol Aave approved a governance proposal and unveiled the platform’s gho (GHO) stablecoin. On July 17, 2023, there were 2,510,269 GHO tokens in circulation, and now there are more than 11.25 million GHO. This implies that GHO’s supply expanded by over 348% within the last 16 days. Currently, the most popular trading platforms for exchanging GHO are Uniswap v3 and Balancer v2. GHO has roughly 357 holders and has recorded a total of 3,479 transactions since its inception.

The 24-hour trading volume of GHO has hovered around $1.52 million, and Balancer’s Vault accommodates 59.2255% of the entire GHO supply. The present supply and market capitalization of GHO position it as the 31st largest stablecoin in August 2023. GHO exceeded $1 when it jumped to $1.01 per unit or more than 3% higher just 18 days ago. On July 24, 2023, GHO reached its all-time low at $0.971 per unit.

While a 348% supply surge is impressive, FDUSD has exhibited an even more remarkable ascent since its introduction. On July 26, 2023, etherscan stats revealed that FDUSD’s supply was approximately 1,114,126 just a week ago. Today, over 232 million FDUSD are in circulation, indicating a staggering 20,000% increase in supply within a week. FDUSD’s statistics also show that there are only 14 holders and a mere 98 transfers have been recorded since its launch.

An estimated 96.0563% of FDUSD’s supply is held in a wallet named “Binance 14,” while 1.4325% resides in another wallet called “Binance 15.” Binance seemingly controls the third largest wallet containing 1.3670% of the FDUSD supply. The fourth largest wallet holds slightly more than 2 million FDUSD, accounting for 0.8604% of the circulating supply. Coinmarketcap.com (CMC) data reveals that FDUSD’s leading market is tether (USDT), with $65,964,418 traded globally on Binance in the past 24 hours as of August 2, 2023.

Approximately $2,773,961 worth of transactions have been registered against the stablecoin BUSD, and FDUSD’s BNB volume has been a meager $2,773,961. Even lower is the volume on Pancakeswap which has seen an even smaller $46.65 in 24-hour trade volume on August 2. So far, FDUSD has recorded an all-time high at $1.06 per unit on July 29, 2023, and an all-time low on July 31, when it hit $0.912 per coin, CMC statistics show.

What do you think about GHO’s and FDUSD’s supply growth? Share your thoughts and opinions about this subject in the comments section below.

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