First Digital USD (FDUSD) has reinforced its position as the fourth-largest stablecoin, with its market value rising from $1.8 billion at the start of the year to $2.6 billion in just 22 days. Its unstoppable ascent over the past six months has solidified its ranking.
FDUSD entered the market in June 2023 with a modest market value below $100 million, quickly surpassing competitors like TUSD, USDD, and FRAX, positioning itself just behind giants such as USDT, USDC, and DAI.
Initially launched on Ethereum and BNB Chain networks, FDUSD trades at a USD peg and has seen rapid adoption due to its transparent reserve management, which is verified by a third-party auditor.
The stablecoin’s growth is attributed to its multi-blockchain network service, enhancing its interoperability and appeal. Binance played a pivotal role in FDUSD’s rise, switching from BUSD to FDUSD after Paxos, the issuer of BUSD, faced regulatory scrutiny from the SEC.
This change led to FDUSD’s market share increase to 1.54%. Meanwhile, USDT, the leading stablecoin, grew from a market value of $91.69 billion to $94.84 billion, maintaining its dominant position.