FDUSD Stablecoin Market Capitalization Has Seen Remarkable Growth, Soaring 51% to 394 Million Dollars In Just 30 Days

Crypto News– The First Digital Group, headquartered in Hong Kong, unveiled the FDUSD stablecoin in June of this year. In a span of just 30 days, the supply of FDUSD has remarkably increased by 51%, propelling its market capitalization to close to $394 million. According to CoinGecko data, FDUSD holds the eleventh position among dollar-based stablecoins.

FDUSD Stablecoin Market Capitalization Has Seen Remarkable Growth, Soaring 51% to 394 Million Dollars In Just 30 Days

Binance, the world’s largest centralized exchange in terms of daily trading volume, played a pivotal role in fostering FDUSD’s adoption. Binance promptly listed FDUSD shortly after its launch on July 26, even waiving trading fees for conversions to other stablecoins like USDT and TUSD.

In a recent announcement, Binance declared its decision to phase out support for BUSD, a previously widely-used stablecoin on its platform, in favor of FDUSD. Commencing on September 15, BUSD will no longer be utilized in investment products such as “Auto Invest” and will be seamlessly replaced by FDUSD. Furthermore, Binance is offering a 6% annualized percentage yield on FDUSD deposits through its Simple Earn product.

FDUSD has more than 90% of its supply held on Binance with no real presence in DeFi or any onchain applications at this point in time. Nothing really exciting at this point in time yet.

Nansen analyst Martin Lee

Despite the substantial increase in FDUSD supply, primarily driven by activities on Binance, its adoption in the broader cryptocurrency and DeFi sectors remains limited. Data from Nansen reveals that most FDUSD holdings are concentrated within Binance, with only a minimal presence in the DeFi landscape.