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The First Digital USD (FDUSD) stablecoin has overtaken Circle-issued USD Coin (USDC) because the second-most in style pair for Bitcoin over the last 5 months, due to the zero-trading charge program on Binance.
CCData’s newest stablecoin report revealed a big uptick in FDUSD’s buying and selling quantity on centralized exchanges — primarily Binance — which has taken its market capitalization to report highs.
The stablecoin’s quantity climbed 51.1% to $122 billion in January, making it the second hottest 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 very best degree since December 2021.
Rise of FDUSD
In response to the report, the BTC/FDUSD pair on Binance made up many of the buying and selling quantity as essentially the most traded Bitcoin pair on the alternate after the approval of spot Bitcoin ETFs within the US.
The pair recorded a month-to-month quantity of $80.8 billion in January, adopted by the BTC/USDT pair on Binance, which noticed roughly $60 billion in quantity for a similar interval.
FDUSD’s market capitalization elevated by roughly 13% to a brand new all-time excessive of $2.44 billion, bringing its stablecoin market share to fifteen.6%.
FDUSD has emerged as probably the most in style stablecoins in latest months due to Binance’s heavy promotion of the digital asset.
Following Binance USD’s (BUSD) regulatory struggles, the crypto alternate urged its customers to pivot to FDUSD and launched a number of new merchandise designed to incentivize the stablecoin use on its platform.
USDT stays king
Tether’s USDT stays the dominant stablecoin within the sector by a big margin regardless of FDUSD’s ascent, controlling roughly three-quarters of the market share among the many prime 10 stablecoins.
Prime 10 Stablecoins Dominance (Supply: CCData)It stays essentially the most dominant buying and selling pair on centralized exchanges, with a cumulative month-to-month quantity of $241 billion.
USDT’s market cap is up 1.23% in February and at present stands at $97.3 billion, marking a report excessive for the stablecoin’s circulating provide. In the meantime, the stablecoin’s market dominance was 70.6% as of Feb. 20.
JPMorgan analysts not too long ago warned that USDT’s dominance within the crypto sector may show detrimental to the business — a declare that was vehemently rejected by the Tether CEO Paolo Ardoino.