FDUSD stablecoin market cap up 51% in a month

Over the last 30 days the supply FDUSD First Digital USD (FDUSD) has risen by 51.4%, according to CoinGecko. The figure reached $393.7 million.

\n\n

\n\n

For comparison: market capitalization of Tether (USDT) over the last month declined by 1%, Binance USD (BUSD) by 20.2%. Meanwhile TrueUSD (TUSD) rose by 10.3% in the same period.

\n\n

As of writing, FDUSD ranks 11th among stablecoins. The USD-backed coin launched by the Hong Kong-based company First Digital Labs in June 2023. The asset is available on the Ethereum and BNB Chain networks.

\n\n

On July 26, Binance added the stablecoin to its listing and for a short time waived fees in the BNB/FDUSD, FDUSD/BUSD and FDUSD/USDT pairs. In August, the exchange removed fees for the BTC/FDUSD pair.

\n\n

Earlier, Binance CEO Changpeng Zhao criticized USDT, calling the asset a \”black box\” with a \”certain\” level of risk. Shortly after, it emerged that the exchange moved part of its reserves USDC into another stablecoin.

\n\n

\n\u201CMore than 90% of FDUSD’s supply is concentrated on Binance with no real presence in DeFi or on-chain applications. At present, nothing particularly interesting,\u201D The Block analyst Martin Li of Nansen.

\n\n

At the end of August, Binance announced to clients its intention to discontinue support for its own stablecoin BUSD in 2024. Users were offered to swap the asset for FDUSD.

\n\n

As Kaiko analysts noted the resumption of the \u201cstablecoin wars.\u201d