7 months ago
The First Digital USD (FDUSD) stablecoin has overtaken Circle-issued USD Coin (USDC) arsenic the second-most fashionable brace for Bitcoin during the past 5 months, acknowledgment to the zero-trading interest programme connected Binance.
CCData’s latest stablecoin report revealed a important uptick successful FDUSD’s trading measurement connected centralized exchanges — chiefly Binance — which has taken its marketplace capitalization to grounds highs.
The stablecoin’s measurement climbed 51.1% to $122 cardinal successful January, making it the 2nd astir fashionable trading brace aft Tether’s USDT.
Overall stablecoin trading measurement connected centralized exchanges roseate 4.54% to $1.05 trillion successful January, the highest level since December 2021.
Rise of FDUSD
According to the report, the BTC/FDUSD brace connected Binance made up astir of the trading measurement arsenic the astir traded Bitcoin brace connected the speech aft the approval of spot Bitcoin ETFs successful the US.
The brace recorded a monthly measurement of $80.8 cardinal successful January, followed by the BTC/USDT brace connected Binance, which saw astir $60 cardinal successful measurement for the aforesaid period.
Top Bitcoin Trading Pairs. (Source: CCData)
FDUSD’s marketplace capitalization accrued by astir 13% to a caller all-time precocious of $2.44 billion, bringing its stablecoin marketplace stock to 15.6%.
FDUSD has emerged arsenic 1 of the astir fashionable stablecoins successful caller months acknowledgment to Binance’s dense promotion of the integer asset.
Following Binance USD’s (BUSD) regulatory struggles, the crypto speech urged its users to pivot to FDUSD and introduced several caller products designed to incentivize the stablecoin usage connected its platform.
USDT remains king
Tether’s USDT remains the ascendant stablecoin successful the assemblage by a ample borderline contempt FDUSD’s ascent, controlling astir three-quarters of the marketplace stock among the apical 10 stablecoins.
Top 10 Stablecoins Dominance (Source: CCData)It remains the astir ascendant trading brace connected centralized exchanges, with a cumulative monthly measurement of $241 billion.
USDT’s marketplace headdress is up 1.23% successful February and presently stands astatine $97.3 billion, marking a grounds precocious for the stablecoin’s circulating supply. Meanwhile, the stablecoin’s marketplace dominance was 70.6% arsenic of Feb. 20.
JPMorgan analysts precocious warned that USDT’s dominance successful the crypto assemblage could beryllium detrimental to the manufacture — a assertion that was vehemently rejected by the Tether CEO Paolo Ardoino.
The station Binance’s FDUSD marketplace headdress hits grounds high, dethrones USDC successful Bitcoin trading volume appeared archetypal connected CryptoSlate.
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