FDUSD: A Stablecoin on the Rise
In just 85 days, the stablecoin FDUSD has experienced a remarkable surge in its circulating supply, increasing by 62% since the beginning of August. This surge has propelled FDUSD into the top ten stablecoins by market capitalization and has also seen a significant expansion in its market volume share.
FDUSD Emerges as a Dark Horse in the Stablecoin Arena
In the realm of dollar-pegged digital tokens, FDUSD has emerged as a dark horse. Since August 4, 2023, its supply has grown by 62%, going from 260 million to its current standing at 423 million as of October 28, 2023.
Global Trading Volume on the Rise
FDUSD has also experienced a surge in trading volume globally. Recent data indicates that on Saturday, FDUSD ranked sixth in terms of trading volume among more than 10,000 existing crypto assets. According to coingecko.com, FDUSD was traded globally to the tune of $1.62 billion in the past 24 hours.
FDUSD: A Prominent Trading Pair for Bitcoin
While tether (USDT) remains the leading trading pair for bitcoin (BTC), FDUSD has gained recognition as the second-largest trading pair for the leading cryptocurrency. In terms of market capitalization, FDUSD currently holds the 85th position within the top 100 cryptocurrency assets.
FDUSD's Trading Activity and Holder Distribution
It is important to note that FDUSD's trading volume primarily takes place on Binance, and the stablecoin is held by only 141 unique addresses. Furthermore, most of the trading activity occurs off-chain, with FDUSD recording only 752 transactions since its inception.
The top 100 holders of FDUSD collectively control 100% of the supply, which amounts to a staggering 423,305,155 tokens out of the total 423,305,427 supply. Binance is the largest holder, with one account holding a significant 79.39% of the total FDUSD in circulation.
Among the top five FDUSD wallets, three belong to Binance, while the remaining two are held by anonymous holders. The identity of the third holder remains unknown, but they hold 2.02 million FDUSD. The fifth-largest holder, also anonymous, has control over 999,998 FDUSD. Interestingly, this wallet also holds additional assets, including $2.6 million in USDT and $1.27 million in USDC.
What Does the Future Hold for FDUSD?
The rise in FDUSD's supply and its increasing global trade volumes raise questions about its future trajectory. Will FDUSD continue to gain momentum and solidify its position in the stablecoin market? We invite you to share your thoughts and opinions on this subject in the comments section below.
Frequently Asked Questions
What kind of IRA can you use to hold precious metals in?
A Individual Retirement Account (IRA), is an investment vehicle offered by most financial institutions and employers. You can contribute to an IRA account which grows tax-deferred and can be withdrawn at any time.
You can save taxes by setting up an IRA and then paying them off when you retire. This means that you can deposit more money into your retirement plan than have to pay taxes on it tomorrow.
An IRA is a great investment because your earnings and contributions are tax-free. You can withdraw funds at any time. You can face penalties if you withdraw funds before the deadline.
After 50 you can still make contributions to your IRA. There is no penalty. You'll owe income tax and a 10% federal penalty if you withdraw from your IRA in retirement.
Withdrawals before age 59 1/2 will be subject to a 5% IRS penal. For withdrawals made between the age of 59 1/2 & 70 1/2, a 3.4% IRS penalty will apply.
A 6.2% IRS penalty applies to withdrawals exceeding $10,000 per annum.
Is gold IRAs a good way to invest?
Purchase shares in mining companies to invest in precious metals like gold. This is a good way to make money when you invest in gold and other precious metals like silver.
Two drawbacks exist when you own shares directly.
First, you can lose money by holding onto your stock for too long. Stocks fall faster than their underlying assets (like gold) when they are declining. This means that you might end up losing more money than you make.
You may also miss potential profits if the market recovers before you sell. You may have to wait for the market to recover before you can make a profit on your gold holdings.
You can still enjoy the benefits of physical gold if your investments are separate from your finances. An IRA with gold can diversify and protect your portfolio against inflation.
Visit our website to learn more about gold investment.
How do you withdraw from an IRA that holds precious metals?
If you have a precious metal IRA account such as Goldco International Inc., it may be worth considering withdrawing your funds. This way, when you decide to sell your metals, they will still be worth much more than if you had left them inside the account.
Here is how to withdraw precious metal IRA funds.
First, verify that your precious metal IRA allows withdrawals. Some companies will allow withdrawals, while others won't.
Second, consider whether your sale of metals can allow you to take advantage tax-deferred profits. This benefit is available from most IRA providers. But, not all IRA providers offer this benefit.
To find out if fees apply, thirdly check with your precious-metal IRA provider. It is possible that the withdrawal will be more expensive.
Fourth, ensure that you keep track your precious metal IRA investment for at least 3 years after selling them. In other words, wait until January 1st each year to calculate capital gains on your investment portfolio. Next, fill out Form 8949 to determine the amount you gained.
You must file Form 8949 and also report any sale of precious metals to IRS. This will ensure you pay taxes on all the profits that your sales generate.
Consult a trusted attorney and accountant before selling your precious materials. These professionals can ensure that you adhere to all procedures and avoid costly errors.
How Much of Your IRA Should Include Precious Metals?
Protect yourself from inflation by investing in precious metallics like silver and gold. It's not just a way to save money for retirement.
Although silver and gold prices have increased in recent years, they can still be considered safe investments as they don't fluctuate nearly as much as stocks. Plus, there's always a demand for these materials.
The prices of gold and silver are generally predictable and stable. They are more stable when the economy is growing than they are during recessions. This makes them very valuable money-savers and long term investments.
Your total portfolio should be 10 percent in precious metals. You can increase this percentage if you want further diversification.
What is a Precious Metal IRA?
Precious Metals are a great way to invest in retirement funds. They are a timeless investment that has held its value since the beginning of time. Investing in precious metals such as gold, silver, and platinum is also a great way to diversify your portfolio and protect against inflation.
Certain countries permit citizens to hold their money in foreign currencies. You can buy Canada gold bars and keep them home. Then, when you travel to Canada, you can make the same gold bars and sell them for Canadian Dollars.
This is a quick and easy way of investing in precious metals. It's especially useful for anyone who lives outside North America.
Are you able to keep precious metals in your IRA?
This question is dependent on whether an IRA owner wishes to diversify into gold or silver, or keep them safe.
Two options are available for him if diversification is something he desires. He could purchase physical bars of gold or silver from a dealer and then sell these items to him at the end. Imagine he doesn't desire to sell off his precious metals investments. In this case, he should hold onto the investments as they are perfect for storing inside an IRA account.
How much money can a gold IRA earn?
The answer is yes, but not as much as you think. It depends on how much you're willing to risk. A $10,000 investment per year for 20 years could lead to $1 million by retirement age. However, if all your eggs are in one basket, then you will lose everything.
You need to diversify your investments. Inflation makes gold a good investment. You should invest in an asset that increases with inflation. Stocks perform this well because they rise whenever companies increase their profits. This is also true of bonds. They pay interest each year. They're very useful during periods of economic growth.
But what happens when there isn't any inflation? In deflationary periods stocks and bonds both fall in value. Investors should refrain from putting all their savings into one type of investment such as a mutual fund or bond.
Instead, they should diversify their investments by investing in different types of funds. They could invest both in stocks and bonds, for instance. Or, they could invest in both bonds and cash.
This gives them exposure to both sides. Inflation and deflation. And they will still see a return over time.
Statistics
- To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.com)
- Silver must be 99.9% pure • (forbes.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that 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)
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
External Links
wsj.com
en.wikipedia.org
regalassets.com
takemetothesite.com
How To
How to Buy Silver With Your IRA
How to start buying silver with your IRA – The best way to invest in gold and silver is through direct ownership of physical bullion. Silver bars and silver coins are a popular way to invest because of their liquidity, diversification, convenience, and ease.
If you want to buy precious metals like gold and silver, several options are available. You can buy them directly from their producers such as refiners and mining companies. You can also buy bullion products from dealers, but this will not save you the trouble of dealing with producers directly.
This article will help you to start investing silver with your IRA.
- Investing In Gold & Silver Directly – This is the best option to buy precious metals. This allows you to get the bullion directly and have it delivered directly to your home. Some investors keep their bullion at home, while others store it in a secure storage unit. Make sure you properly store your precious metal when you keep it. Many storage facilities provide insurance coverage against fire, theft, and damage. However, even with insurance you could lose your investments due to natural catastrophes or human error. You should always store your precious metals safely in a bank safe deposit box or credit union.
- Online Precious Metals Buying – If you prefer not to transport heavy boxes of precious metal around, then buying bullion online is an option. Bullion dealers sell bullion in different forms, including coins and bars. Coins are available in a variety of sizes, shapes, designs, and colors. Coins are generally easier to transport than bars and more affordable. Bars come in a variety of sizes and weights. Bars can weigh hundreds of lbs, while others weigh only a few ounces. You should consider the purpose of the bar before you decide on which one to get. It might be a good idea to choose something smaller if it is intended to be given as a gift. On the other hand, if you want to add it to your collection and display it proudly, you might want to spend a little extra money and get something larger.
- Buy Precious Metals from Dealers – Another option is to purchase bullion directly from a dealer. Dealers usually specialize in one market area, such as silver or gold. Some dealers specialize in certain types of bullion, such as rounds or minted coins. Others may specialize in specific areas. Others are specialists in bulk purchases. No matter what dealer you choose you will find that they offer great prices and flexible payment options.
- Buy Precious Metallics from Retirement Accounts. While technically not an “investment”, it's possible to invest in retirement accounts to gain exposure. You must make investments in precious metals via a qualified retirement account to be eligible for Section 219 tax benefits. These accounts include IRAs. These accounts are designed to help you save for retirement and often provide higher returns than other investment vehicles. In addition, most of these accounts allow you to diversify your holdings across multiple metals. What is the drawback? You can't invest in retirement accounts. These accounts are only available to employees of employers who sponsor them.
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