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FDUSD Market Cap Skyrockets by $1 Billion in 2024, Clinching Top 4 Stablecoin Spot


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FDUSD Market Cap Skyrockets by $1 Billion in 2024, Clinching Top 4 Stablecoin Spot

According to statistics, the stablecoin crypto asset FDUSD has seen its market capitalization grow by $1 billion since the start of the year. Presently, the supply stands at 2.614 billion FDUSD after witnessing a 45.7% supply increase in 30 days.

FDUSD’s Market Cap Swells from $1.6 Billion to $2.6 Billion in Just 30 Days

The newly launched FDUSD has been one of the fastest-growing stablecoins and the crypto asset’s market valuation has grown by $1 billion since Jan. 1, 2024. As of Jan. 21, 2024, first digital usd (FDUSD) has ascended to become the fourth-largest stablecoin in terms of market capitalization, valued at $2.61 billion. This marks a significant rise from its $1.6 billion market cap on Jan. 1, as reported by coingecko.com.

Ranking below USDT, USDC, and DAI, FDUSD surpasses TUSD, USDD, and FRAX in the stablecoin hierarchy. Data indicates a notable 45.7% growth in supply since Dec. 22, 2023. Currently, 452 individual holders possess the ERC20 variant of FDUSD, the dollar-pegged token on Ethereum, which boasts 2.564 billion FDUSD as of Jan. 21. Additionally, the BNB chain has issued 49,380,678 FDUSD, according to records collected on the same day.

The BNB version of FDUSD is held by 3,545 distinct wallets. Dominating this sector, Binance holds the top three wallets for BNB-based FDUSD, commanding a significant 82.1% of the 49.38 million FDUSD minted on BNB. The top 100 holders collectively possess 99.01% of these specific BNB-minted coins. In the case of the Ethereum version, Binance maintains its dominance with control over the top three wallets, accounting for 97.48% of the total ERC20 FDUSD supply.

Both FDUSD tokens on each chain have seen very little onchain action, but FDUSD holds the sixth largest trading volume on Sunday, which means most of FDUSD’s action takes place off-chain and via order books. The ERC20 version of FDUSD has witnessed a total of 2,896 transactions while the BNB version of the stablecoin has transacted 60,747 times to date. This means a lion’s share of FDUSD’s current presence is via centralized exchanges rather than decentralized finance (defi) protocols.

What do you think about FDUSD’s market capitalization swelling to $2.6 Billion? Let us know what you think about this subject in the comments section below.

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