First Digital USD (FDUSD) Market Cap Skyrockets to $2.6B

FDUSD is now the fourth-largest stablecoin in the industry after adding $1 billion to its market cap.

First Digital is sky rocketing up.
Created by Kornelija Poderskytė from DailyCoin
  • 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.

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.  

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

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.