- FDUSD has added a billion to its market cap in the last 30 days.
- The stablecoin now ranks closely behind USDC, USDT, and DAI.
- The factors behind this growth include the stablecoin’s expansion to multiple chains.
First Digital USD (FDUSD) has become the fourth-largest stablecoin in the industry following a rapid growth of its market cap since the beginning of the year.
Launched in June 2023, FDUSD is a 1:1 USD-backed stablecoin issued by FD121 Limited. Per the issuer, the stablecoin’s reserves are “securely” held in segregated bank accounts, subject to third-party monitoring and audits.
FDUSD Market Cap Tops $2.6 Billion
Six months following its launch, with a modest market cap of less than $100 million, FDUSD has grown exponentially to outrank its competitors, including TUSD, USDD, and FRAX.
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According to CoinMarketCap data, the FDUSD’s market cap now stands at $2,656,919,065, a 24-hour trading volume of $3,953,804,505. With the remarkable growth, FDUSD is now the fourth-largest stablecoin, trailing behind USDT, USDC, and DAI.
Factors that propelled FDUSD’s rapid growth rate include its expansion across multiple blockchain networks, a strategy that boosted its interoperability and market appeal. The stablecoin further benefited from Binance’s recent shift from BUSD to “fresh alternatives,” such as FDUSD.
In the meantime, stablecoin giant USDT has maintained its market dominance at 70.86%, adding almost $3 billion to its market cap since January 1. Cumulatively, the total stablecoins market cap stands at $133.591 billion, according to DefiLlama data.
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Read about Binance’s upcoming token burn:
Binance Teases ‘Significant’ Multi-Chain Token Burn
Stay updated on the recent TUSD depegging and how it was linked to Binance:
TUSD Links Recent Depegging to Binance Launchpool Activity
