First Digital’s FDUSD market cap hits record high, dethrones USDC in Bitcoin trading volume

The First Digital USD (FDUSD) stablecoin has overtaken Circle-issued USD Coin (USDC) because the 2d-most well-appreciated pair for Bitcoin at some level of the final five months, thanks to the zero-buying and selling price program on Binance.

CCData’s most modern stablecoin portray revealed a critical uptick in FDUSD’s buying and selling quantity on centralized exchanges — essentially Binance — which has taken its market capitalization to portray highs.

The stablecoin’s quantity climbed 51.1% to $122 billion in January, making it the 2d most well-appreciated buying and selling pair after Tether’s USDT.

Total stablecoin buying and selling quantity on centralized exchanges rose 4.54% to $1.05 trillion in January, the ideal stage since December 2021.

Rise of FDUSD

Essentially based entirely on the portray, the BTC/FDUSD pair on Binance made up most of the buying and selling quantity because the most traded Bitcoin pair on the commerce after the approval of role Bitcoin ETFs within the US.

The pair recorded a monthly quantity of $80.8 billion in January, followed by the BTC/USDT pair on Binance, which seen roughly $60 billion in quantity for the identical period.

FDUSD’s market capitalization increased by roughly 13% to a brand unique all-time excessive of $2.44 billion, bringing its stablecoin market half to 15.6%.

FDUSD has emerged as one amongst the most well-appreciated stablecoins in novel months thanks to Binance’s heavy promotion of the digital asset.

Following Binance USD’s (BUSD) regulatory struggles, the crypto commerce advised its users to pivot to FDUSD and presented several unique products designed to incentivize the stablecoin use on its platform.

USDT stays king

Tether’s USDT stays the dominant stablecoin within the field by a gargantuan margin irrespective of FDUSD’s ascent, controlling roughly three-quarters of the market half amongst the head 10 stablecoins.

It stays the most dominant buying and selling pair on centralized exchanges, with a cumulative monthly quantity of $241 billion.

USDT’s market cap is up 1.23% in February and currently stands at $97.3 billion, marking a portray excessive for the stablecoin’s circulating provide. Meanwhile, the stablecoin’s market dominance used to be 70.6% as of Feb. 20.

JPMorgan analysts lately warned that USDT’s dominance within the crypto sector might maybe well presumably indicate detrimental to the industry — a claim that used to be vehemently rejected by the Tether CEO Paolo Ardoino.

Feb. 23 11:09 UTC Change: Amended the headline to show mask that FDUSD is issued by First Digital Labs.