Introduction
According to recent statistics, the stablecoin crypto asset FDUSD has experienced a remarkable growth in market capitalization, increasing by $1 billion since the beginning of the year. In just 30 days, the supply of FDUSD has witnessed a significant surge of 45.7%, reaching a total of 2.614 billion FDUSD.
FDUSD Emerges as the Fourth-Largest Stablecoin
Since its launch, FDUSD has quickly become one of the fastest-growing stablecoins in the market. As of January 21, 2024, it has ascended to become the fourth-largest stablecoin in terms of market capitalization, with a valuation of $2.61 billion. This represents a substantial increase from its initial market cap of $1.6 billion on January 1, as reported by coingecko.com.
Surpassing Competitors in the Stablecoin Hierarchy
In the stablecoin hierarchy, FDUSD currently ranks below USDT, USDC, and DAI, surpassing TUSD, USDD, and FRAX. The data indicates an impressive growth in supply of 45.7% since December 22, 2023. Presently, there are 452 individual holders of the ERC20 variant of FDUSD, which is the dollar-pegged token on the Ethereum platform. These holders collectively possess 2.564 billion FDUSD as of January 21. Additionally, the BNB chain has issued 49,380,678 FDUSD, according to records collected on the same day.
Dominance on BNB and Ethereum Chains
The BNB version of FDUSD is held by 3,545 distinct wallets. Among them, Binance holds the top three wallets for BNB-based FDUSD, commanding a significant 82.1% of the 49.38 million FDUSD minted on BNB. Similarly, in the case of the Ethereum version, Binance maintains its dominance with control over the top three wallets, accounting for 97.48% of the total ERC20 FDUSD supply.
Trading Volume and Presence
While both variants of FDUSD have seen minimal on-chain activity, the stablecoin holds the sixth largest trading volume on Sundays. This indicates that the majority of FDUSD's transactions occur off-chain and are executed via order books. So far, the ERC20 version has witnessed a total of 2,896 transactions, while the BNB version has been transacted 60,747 times. Thus, it can be concluded that FDUSD's current presence is primarily on centralized exchanges rather than decentralized finance (defi) protocols.
Conclusion
The market capitalization of FDUSD has experienced an impressive surge, reaching $2.6 billion in just 30 days. This significant growth positions FDUSD as one of the top stablecoins in the market. With its increasing popularity and dominance on both the BNB and Ethereum chains, FDUSD is expected to continue its upward trajectory. Share your thoughts on FDUSD's market capitalization in the comments section below.
Frequently Asked Questions
Can the government take your gold
Your gold is yours, so the government cannot confiscate it. It's yours, and you earned it by working hard. It belongs entirely to you. This rule could be broken by exceptions. You can lose your gold if you have been convicted for fraud against the federal governments. Also, if you owe taxes to the IRS, you can lose your precious metals. However, even though your taxes have not been paid, you can still keep your precious metals, even though they are considered the property of United States Government.
Is gold buying a good retirement option?
Although it may not look appealing at first, buying gold for investment is worth considering when you consider the global average gold consumption per year.
Physical bullion bars are the most popular way to invest in gold. However, there are many other ways to invest in gold. It is best to research all options and make informed decisions based on your goals.
If you're not looking to secure your wealth, it may be worth considering purchasing shares in mining equipment or companies that extract gold. If you need cash flow to finance your investment, then gold stocks could be a good option.
ETFs allow you to invest in exchange-traded funds. These funds give you exposure, but not actual gold, by investing in gold-related securities. These ETFs can include stocks of precious metals refiners and gold miners.
Should You Buy Gold?
Gold was a safe investment option for those who were in financial turmoil. Many people are shifting away from traditional investments like bonds or stocks to instead look toward precious metals such gold.
Gold prices have been on an upward trend over recent years, but they remain relatively low compared to other commodities such as oil and silver.
Experts believe this could change soon. They say that gold prices could rise dramatically with another global financial crisis.
They also mention that gold is becoming more popular due to its perceived worth and potential return.
Consider these things if you are thinking of investing in gold.
- Before you start saving money for retirement, think about whether you really need it. It's possible to save for retirement without putting your savings into gold. However, you can still save for retirement without putting your savings into gold.
- Second, be sure to understand your obligations before you purchase gold. Each type offers varying levels and levels of security.
- Finally, remember that gold doesn't offer the same level of safety as a bank account. If you lose your gold coins, you may never recover them.
So, if you're thinking about buying gold, make sure you do your research first. If you already have gold, make sure you protect it.
How Does Gold Perform as an Investment?
Gold's price fluctuates depending on the supply and demand. It is also affected negatively by interest rates.
Due to their limited supply, gold prices fluctuate. In addition, there is a risk associated with owning physical gold because you have to store it somewhere.
What is a Precious Metal IRA?
A precious metal IRA lets you diversify your retirement savings to include gold, silver, palladium, rhodium, iridium, osmium, osmium, rhodium, iridium and other rare metallics. These are “precious metals” because they are hard to find, and therefore very valuable. They make excellent investments for your money and help you protect your future from inflation and economic instability.
Precious metals are sometimes called “bullion.” Bullion refers actually to the metal.
Bullion can be purchased via a variety of channels including online sellers, large coin dealers, and grocery stores.
You can invest directly in bullion with a precious metal IRA instead of buying shares of stock. This ensures that you will receive dividends each and every year.
Precious metal IRAs do not require paperwork nor annual fees, unlike regular IRAs. Instead, you pay a small percentage tax on the gains. Additionally, you have access to your funds at no cost whenever you need them.
Statistics
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
External Links
bbb.org
irs.gov
finance.yahoo.com
law.cornell.edu
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement accounts
How To
3 Ways To Invest in Gold For Retirement
It's crucial to understand where gold fits in your retirement strategy. You have many options for investing in gold if there is a 401K account at your workplace. You might also consider investing in gold outside your workplace. You could, for example, open a custodial bank account at Fidelity Investments if your IRA (Individual Retirement Account) is open. If precious metals aren't your thing, you may be interested in buying them from a dealer.
If you do invest in gold, follow these three simple rules:
- Buy Gold With Your Cash – Do not use credit cards to purchase gold. Instead, cash in your accounts. This will help protect you against inflation and keep your purchasing power high.
- Own Physical Gold Coins – You should buy physical gold coins rather than just owning a paper certificate. Physical gold coins can be sold much faster than paper certificates. There are no storage fees for physical gold coins.
- Diversify your Portfolio – Don't put all your eggs in one basket. This means that you should diversify your wealth by investing in different assets. This reduces risk and allows you to be more flexible during market volatility.
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