FDUSD stablecoin capitalization grew by 51% in a month

First Digital USD
First Digital USD

Over the past 30 days, the supply of First Digital USD (FDUSD) stablecoin has increased by 51.4%, according to CoinGecko. The indicator reached $393.7 million.

Data: CoinGecko.

For comparison: the capitalization of Tether (USDT) has decreased by 1% over the past month, Binance USD (BUSD) — by 20.2%. At the same time, TrueUSD (TUSD) rose by 10.3% over the same period.

At the time of writing, FDUSD is ranked 11th in the stablecoin ranking. The US dollar-backed coin was launched by Hong Kong-based First Digital Labs in June 2023. The asset is available on the Ethereum and BNB Chain networks.

On July 26, Binance added the stablecoin to its listing and briefly eliminated fees on BNB/FDUSD, FDUSD/BUSD, and FDUSD/USDT pairs. In August, the cryptocurrency exchange removed fees for the BTC/FDUSD pair.

Earlier, the head of Binance, Changpeng Zhao, criticized USDT, calling the asset a “black box” with a “certain” level of risk. Shortly thereafter, it became known that the exchange transferred part of the USDC reserves to another stablecoin.

“More than 90% of the FDUSD supply is focused on Binance with no real presence in DeFi or on-chain applications. At the moment, nothing particularly interesting, ”Nansen analyst Martin Lee told The Block.

At the end of August, Binance informed customers of its intention to end support for its own BUSD stablecoin in 2024. Users were offered to exchange the asset for FDUSD.

Recall that Kaiko analysts noted the resumption of the “stablecoin wars”.

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