Cryptocurrency experts name stablecoin, which grew by 52% in a month

Cryptocurrency market analysts note that from August 4 to September 4, 2023, the capitalization of the FDUSD stablecoin increased by $ 135.3 million. Over the same period, according to the CoinMarketCap tracker, USDT and USDC dropped by 3.1% and 0.4%, respectively.

It should be noted that Hong Kong-based First Digital launched its stablecoin pegged to the US dollar in early June 2023. A month later, it appeared on the Binance platform. Later, information leaked to the press that the exchange transferred part of USDC to «another stablecoin.» At the same time, since the beginning of August 2023, FDUSD has been trading on the platform with zero commission.

Later, the world’s largest crypto exchange called for the conversion of BUSD into other assets, including this one. This situation affected the capitalization of FDUSD, which has increased by 52% since the beginning of August 2023.

At the end of July, the cryptocurrency’s trading volume amounted to $ 20.2 million. A week later, at the same time as Binance announced zero-fee trading in stablecoin, they rose to $ 291.2 million:

At the same time, USDC’s capitalization dropped from $ 26.04 billion to $ 25.95 billion over the past month.

As of September 7, First Digital USD (FDUSD) was trading at $ 0.9991 with a market capitalization of $ 394.1 million. Traders made $ 82.2 million in daily trading deals.