FDUSD Witnesses Surge in Circulating Supply
Over the past 85 days, the stablecoin FDUSD has experienced a remarkable increase in its circulating supply, rising by 62% since the beginning of August. This surge has propelled FDUSD into the top ten stablecoins by market capitalization, while also expanding its market volume share.
Emergence of FDUSD in the Stablecoin Arena
FDUSD, also known as First Digital USD, was once an obscure stablecoin. However, since August 4, 2023, its supply has surged by 62%, reaching a current standing of 423 million tokens as of October 28, 2023.
The trading volume of FDUSD has also witnessed a global surge, with recent data showing that it secured the sixth position in terms of trading volume among more than 10,000 existing cryptocurrencies. In the past 24 hours alone, FDUSD has been globally traded to the tune of a substantial $1.62 billion.
FDUSD: A Major Trading Pair for Bitcoin
While Tether (USDT) remains the leading trading pair for Bitcoin (BTC), FDUSD has emerged as the second-largest trading pair for the leading cryptocurrency. In terms of market capitalization, FDUSD currently holds the 85th position within the top 100 cryptocurrencies.
It is important to note that the majority of FDUSD's trading volume is concentrated within Binance, and only 141 unique addresses hold this stablecoin. Additionally, most of the trading activity occurs off-chain, as FDUSD has recorded a modest 752 transactions since its inception.
Control and Ownership of FDUSD
The top 100 holders of FDUSD collectively control 100% of the supply, which amounts to 423,305,155 tokens out of the total 423,305,427 supply. Binance holds the majority of FDUSD, with a single account controlling a significant 79.39% of the total circulating supply.
Among the top five FDUSD wallets, Binance owns three, while the remaining two belong to anonymous holders. The identity of the third holder remains a mystery, but they hold 2.02 million FDUSD. The fifth-largest holder, also operating incognito, has control over 999,998 FDUSD. Interestingly, this wallet holds additional assets, including $2.6 million in USDT and $1.27 million in USDC.
Your Thoughts on FDUSD's Rise
What are your thoughts on the surge in FDUSD's circulating supply and its increasing global trade volumes? Share your opinions and insights in the comments section below.
Frequently Asked Questions
How much do gold IRA fees cost?
The Individual Retirement Account (IRA), fee is $6 per monthly. This includes the account maintenance fees and any investment costs associated with your chosen investments.
You may have to pay additional fees if you want to diversify your portfolio. The type of IRA you choose will determine the fees. Some companies offer checking accounts for free, while others charge monthly fees for IRA account.
Many providers also charge annual management fees. These fees range between 0% and 1 percent. The average rate for a year is.25%. However, these rates are typically waived if you use a broker like TD Ameritrade.
How does gold perform as an investment?
Gold's price fluctuates depending on the supply and demand. Interest rates are also a factor.
Due to the limited supply of gold, prices for gold are highly volatile. Additionally, physical gold can be volatile because it must be stored somewhere.
Can the government seize your gold?
You own your gold and therefore the government cannot seize it. It is yours because you worked hard for it. It belongs to you. This rule could be broken by exceptions. For example, if you were convicted of a crime involving fraud against the federal government, you can lose your gold. Your precious metals can also be lost if you owe tax to the IRS. However, even though your taxes have not been paid, you can still keep your precious metals, even though they are considered the property of United States Government.
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- How do you keep your IRA Gold at Home? It's Not Exactly Legal – WSJ
Investing in gold or stocks
These days, it might seem quite risky to invest your money in gold. This is because many people believe gold is no longer financially profitable. This belief arises because most people believe that the global economy is driving down gold prices. They fear that investing in gold will result in a loss of money. There are many benefits to investing in gold. Let's take a look at some of the benefits.
One of the oldest currencies known to man is gold. There are thousands of records that show gold was used over the years. It has been used as a store for value by people all over the globe. It is still used as a payment method by South Africa and other countries.
The first point to consider when deciding whether or not you should invest in gold is what price you want to pay per gram. It is important to determine the price per gram you are willing and able to pay for gold bullion. If you don't know your current market rate, you could always contact a local jeweler and ask them what they think the price is.
It's also important to note that, although gold prices are down in recent months, the costs of producing it have risen. So, although gold prices have declined in recent years, the cost of producing it has not changed.
The amount of gold that you are planning to purchase is another important consideration when deciding whether or not gold should be bought. For example, if you only intend to purchase enough to cover your wedding rings, it probably makes sense to hold off on buying any gold. It is worth considering if you intend to use it for long-term investment. If you sell your gold for more than you paid, you can make a profit.
We hope this article helped you to gain a better appreciation of gold as a tool for investment. We recommend that you investigate all options before making any major decisions. Only then will you be able to make an informed decision.
By: Jamie Redman
Title: FDUSD: A Rising Star in the Stablecoin Market
Sourced From: news.bitcoin.com/fdusds-meteoric-rise-62-surge-in-supply-and-6th-highest-trading-volume-globally/
Published Date: Sat, 28 Oct 2023 16:00:49 +0000