FDUSD Rockets to $1.6B Market Cap, Becoming Fifth Largest Fiat-Pegged Crypto Amid Binance Concentration

In the fortnight since Dec. 2, 2023, the stablecoin plus archetypal integer usd (FDUSD) experienced a notable expansion, expanding its proviso by 690 cardinal coins. As of Dec. 17, 2023, this surge has elevated its marketplace capitalization to a important $1.61 billion. This play witnessed the U.S.-dollar-pegged token’s important maturation of 74.92%.

FDUSD Supply Swells by 74% successful 2 Weeks

The stablecoin FDUSD has experienced important maturation successful the past 2 weeks, ascending to the presumption of the fifth-largest fiat-pegged cryptocurrency successful the market. A important information of FDUSD’s marketplace enactment and onchain movements are concentrated connected the centralized crypto speech Binance.

With a marketplace capitalization of $1.61 billion, FDUSD ranks arsenic the 46th largest among implicit 11,500 integer currencies. FDUSD’s etherscan declaration indicates that arsenic of December 17, FDUSD’s proviso reached 1.611 billion, up 74.92% from 921 million FDUSD connected December 2.

In the past 24 hours, FDUSD has seen a important $2.2 cardinal successful planetary commercialized volume, chiefly driven by USDT and BTC pairs connected Binance. In fact, an overwhelming 90.45% of FDUSD’s trading measurement successful this play originates from these 2 pairings connected Binance.

Additional exchanges similar Gate.io, Bingx, Cryptology, and Tokocrypto besides diagnostic FDUSD pairs, albeit connected a smaller scale. FDUSD’s proviso organisation is notably concentrated compared to different starring stablecoins, with lone 255 wallets holding FDUSD.

Despite a precocious commercialized measurement and galore transactions, FDUSD’s enactment is predominantly off-chain, reflected successful its humble number of 1,771 transactions. The top 3 wallets holding FDUSD are nether Binance’s control, with the largest wallet containing 1.533 cardinal FDUSD, amounting to 95.1450% of the full supply.

Furthermore, the 2nd wallet utilized by Binance holds 4.3751% of the FDUSD supply, indicating Binance’s important power implicit FDUSD. Binance, the largest cryptocurrency speech by commercialized volume, besides possesses a important information of TUSD, with 2.17 cardinal coins retired of TUSD’s circulating 2.43 billion.

This power extends to 21.54% of the tether (USDT) supply, and Binance dominates the 4th and 5th largest stablecoins. Beyond this, Binance maintains a bulk clasp implicit the 1.2 cardinal BUSD stablecoins successful circulation, commanding the 2 largest BUSD addresses.

What bash you deliberation astir the stablecoin FDUSD’s maturation successful the past 2 weeks? Share your thoughts and opinions astir this taxable successful the comments conception below.