FDUSD Market Cap Jumps By 20% Following Binance Directive
2023年9月6日 - 11:30PM
NEWSBTC
The First Digital USD (FDUSD) stablecoin has recorded a significant
rise in its market cap following an announcement by the Binance
exchange in August. FDUSD, a dollar-pegged stablecoin, was recently
launched on June 1, 2023, debuting on the Ethereum network and the
BNB Smart Chain. The token was officially listed for specific
trading pairs on the crypto exchange in July. Related Reading:
Binance Will Halt These 39 Liquidity Mining Pools This Week
Binance’s Directive Drives Adoption Of FDUSD On August 31,
Binance confirmed reports of intention to halt support for Binance
USD (BUSD) stablecoin following the regulatory embargo on the
token’s issuance. Back in March, The New York Department of
Financial Services (NYDFS) had ordered Paxos Trust, the issuing
company of BUSD, to cease minting the stablecoin. Since then,
BUSD’s market supply has taken a nosedive, crashing by over 80% in
the last eight months. According to an official post, the
exchange will begin the gradual termination of all BUSD products on
its platform, urging its 150 million customers to swap their BUSD
tokens for other assets before February 2024. In particular,
the crypto exchange encouraged users to convert their BUSD to
FDUSD, touting incentives such as zero trading fees and a 1:1
direct swap ratio. According to data from CoinMarketCap,
FDUSD’s market cap value has grown by 21.49% from August 31, rising
from $324.75 million to its current value of $394.68 million. This
indicates that Binance’s promotion of FDUSD as a BUSD alternative
is paying dividends, resulting in a rapid rise in the former’s
adoption over the last few days. For context, the market cap
metric represents the total value of a cryptocurrency based on its
market price and the number of circulating tokens. Since FDUSD is a
stablecoin with a fixed value of $1, CoinMarketCap’s data means
that over 70 million FDUSD tokens entered circulation over the past
week. In addition, according to the DeFi analytics platform,
DeFiLlama, FDUSD now ranks as the ninth largest stablecoin in the
crypto market ahead of other popular assets such as Gemini USD
(GUSD). FDUSD valued at $0.9992 on the hourly chart | Source:
FDUSDUSDT chart on Tradingview.com Related Reading: Court Says Yes
To Binance Request In Case Against SEC Binance Announces New FDUSD
Trading Pairs In other news, Binance unveiled three new FDUSD
trading pairs on September 6, maintaining its stablecoin
support. These trading pairs are DOGE/FDUSD, SOL/FDUSD, and
XRP/FDUSD, which will become available for trading on September 7
at exactly 08:00 UTC. This move comes a week after Binance
announced the “gradual” discontinuation of its support for the BUSD
token while directing users to convert their BUSD token to other
assets. The exchange has begun discontinuing by delisting eight
BUSD isolated and cross-margin pairs. Following these
announcements, the BUSD market fall continues, with the token’s
market share now valued at an all-time low of $2.73 billion. More
data from DeFiLlama shows that the BUSD market cap is down by 4.16%
and 12.23% in the last one and seven days, respectively.
Nevertheless, BUSD remains an important item in the market, ranking
as the fifth largest stablecoin in the crypto space. Feature image
from CNBC, chart from Tradingview
Binance USD (COIN:BUSDUSD)
過去 株価チャート
から 9 2024 まで 10 2024
Binance USD (COIN:BUSDUSD)
過去 株価チャート
から 10 2023 まで 10 2024