In the fortnight since Dec. 2, 2023, the stablecoin asset first digital usd (FDUSD) experienced a notable expansion, increasing its supply by 690 million coins. As of Dec. 17, 2023, this surge has elevated its market capitalization to a significant $1.61 billion. This period witnessed the U.S.-dollar-pegged token’s significant growth of 74.92%.
FDUSD Supply Swells by 74% in 2 Weeks
The stablecoin FDUSD has experienced significant growth in the last two weeks, ascending to the position of the fifth-largest fiat-pegged cryptocurrency in the market. A significant portion of FDUSD’s market activity and onchain movements are concentrated on the centralized crypto exchange Binance.
With a market capitalization of $1.61 billion, FDUSD ranks as the 46th largest among over 11,500 digital currencies. FDUSD’s etherscan contract indicates that as of December 17, FDUSD’s supply reached 1.611 billion, up 74.92% from 921 million FDUSD on December 2.
In the last 24 hours, FDUSD has seen a substantial $2.2 billion in global trade volume, primarily driven by USDT and BTC pairs on Binance. In fact, an overwhelming 90.45% of FDUSD’s trading volume in this period originates from these two pairings on Binance.
Additional exchanges like Gate.io, Bingx, Cryptology, and Tokocrypto also feature FDUSD pairs, albeit on a smaller scale. FDUSD’s supply distribution is notably concentrated compared to other leading stablecoins, with only 255 wallets holding FDUSD.
Despite a high trade volume and numerous transactions, FDUSD’s activity is predominantly off-chain, reflected in its modest count of 1,771 transactions. The top three wallets holding FDUSD are under Binance’s control, with the largest wallet containing 1.533 billion FDUSD, amounting to 95.1450% of the total supply.
Furthermore, the second wallet utilized by Binance holds 4.3751% of the FDUSD supply, indicating Binance’s significant control over FDUSD. Binance, the largest cryptocurrency exchange by trade volume, also possesses a substantial portion of TUSD, with 2.17 billion coins out of TUSD’s circulating 2.43 billion.
This control extends to 21.54% of the tether (USDT) supply, and Binance dominates the fourth and fifth largest stablecoins. Beyond this, Binance maintains a majority hold over the 1.2 billion BUSD stablecoins in circulation, commanding the two largest BUSD addresses.
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