Kaiko, a crypto industry’s leading analytical firm says that a new stablecoin FDUSD is penetrating the centralized exchanges (CEX) more rapidly as compared to existing stablecoins DAI and USDS. This new stablecoin First Digital USD (FDUSD) by First Digital Lab has given tough competition to the rest of the stablecoin as it is backed by US Dollars with 1:1.
FDUS is gaining more dominance over centralized exchanges like Binance, and significantly emerging in the crypto market. Data revealed by Kaiko reveals that FDUSD has a market share of 16% which is 2X than the USDC.
Kaiko’s Analytics Show That FDUSD is Carving Faster than Other Stablecoins
Tether (USTD) is the leading stablecoin with a market share of 75% and is prominent in the crypto market. Initially, USTD was issued on the Omni Protocol before launching on Ethereum as an ERC-20 token and it got momentum and dominance over there. Currently, USDT is minted on several prominent blockchains including Algorand, Polygon and OP Mainnet.
If we compare FDUSD with other circulating stablecoins, we shall come to know that FDUSD is carving its way into the crypto market faster than others. Kaiko’s analytics show that USDC has 6% of the market share, while TUSD and BUSD control only 1% share of each stablecoin. On the other hand, FDUSD has a market share of 16% in the exchanges and twice that of USDC at the time of writing this article.
The data taken from CoinMarketCap (CMC) on 24th of October 2023 shows that FDUSD is giving tough competition to the existing stablecoins like USDC, TUSD and DAI. According to CMC data, the total market cap of stablecoins is standing at $124.5 billion.
The market cap of USDT is $84.3 billion, and on the second rank market cap of USDC is $25.2 billion. While FDUSD is becoming the second most popular stablecoin all over the exchanges with a bit low market cap of $479 million.
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