The stablecoin asset, FDUSD, has experienced significant growth in the past two weeks, leading it to become the fifth largest fiat-pegged cryptocurrency in the market. During this period, the supply of FDUSD has increased by 74%, resulting in a market capitalization of $1.61 billion as of December 17, 2023.
FDUSD Supply Swells by 74% in 2 Weeks
Over the course of the last two weeks, the supply of FDUSD has seen a substantial increase, propelling it to become one of the top fiat-pegged cryptocurrencies in the market. Currently, FDUSD holds the 46th position among over 11,500 digital currencies, with a market capitalization of $1.61 billion.
The supply of FDUSD has reached 1.611 billion, marking a significant growth of 74.92% from 921 million FDUSD on December 2. This surge in supply has contributed to FDUSD's rise in market capitalization and overall market standing.
When examining the trading volume of FDUSD, it is evident that a substantial portion originates from Binance, one of the largest centralized crypto exchanges. In the past 24 hours, FDUSD has seen a trade volume of $2.2 billion, with 90.45% of this volume stemming from USDT and BTC pairs on Binance.
Concentration on Binance
While other exchanges such as Gate.io, Bingx, Cryptology, and Tokocrypto also offer FDUSD pairs, the majority of FDUSD's trading volume is concentrated on Binance. This concentration highlights Binance's significant influence in the FDUSD market.
Notably, FDUSD's supply distribution is highly concentrated, with only 255 wallets holding FDUSD. Additionally, the top three wallets holding FDUSD are under Binance's control. The largest wallet alone contains 1.533 billion FDUSD, accounting for 95.1450% of the total supply.
Binance's dominance extends beyond FDUSD, as they also hold a substantial portion of TUSD and tether (USDT). Binance controls 21.54% of the USDT supply and possesses the fourth and fifth largest stablecoins in circulation. Furthermore, Binance has a majority hold over 1.2 billion BUSD stablecoins, which represents the two largest BUSD addresses.
Off-Chain Activity
Despite its high trade volume, FDUSD's activity primarily occurs off-chain. This is reflected in the modest count of 1,771 transactions associated with FDUSD. However, FDUSD's growth and market performance indicate its significance in the crypto market.
As the stablecoin FDUSD continues to experience growth and gain traction in the market, it will be interesting to observe its future development and impact on the cryptocurrency landscape.
What are your thoughts on FDUSD's recent growth? Share your opinions in the comments section below.
Frequently Asked Questions
Who owns the gold in a Gold IRA?
The IRS considers any individual who holds gold “a form of income” that is subject to taxation.
To take advantage of this tax-free status, you must own at least $10,000 worth of gold and have been storing it for at least five years.
While gold may be a great investment to help prevent inflation and volatility in the market, it's not wise to keep it if you won't use it.
If you plan to sell the gold one day, you will need to report its worth. This will affect how much capital gains tax you owe on cash you have invested.
A financial planner or accountant should be consulted to discuss your options.
What are some of the advantages and disadvantages to a gold IRA
The main advantage of an Individual Retirement Account (IRA) over a regular savings account is that you don't have to pay taxes on any interest earned. An IRA is a great way to save money and not have to pay taxes on the interest you earn. However, there are disadvantages to this type investment.
For example, if you withdraw too much from your IRA once, you could lose all your accumulated funds. The IRS may prohibit you from withdrawing funds from your IRA before you are 59 1/2 years of age. A penalty fee will be charged if you decide to withdraw funds.
The downside is that managing your IRA requires fees. Many banks charge between 0.5%-2.0% per year. Other providers charge monthly management fees ranging from $10 to $50.
Insurance is necessary if you wish to keep your money safe from the banks. Most insurers require you to own a minimum amount of gold before making a claim. Insurance that covers losses upto $500,000.
You will need to decide how much gold you wish to use if you opt for a gold IRA. Some providers limit the number of ounces of gold that you can own. Some providers allow you to choose your weight.
You'll also need to decide whether to buy physical gold or futures contracts. The price of physical gold is higher than that of gold futures. Futures contracts provide flexibility for purchasing gold. You can set up futures contracts with a fixed expiration date.
It is also important to choose the type of insurance coverage that you need. The standard policy does NOT include theft protection and loss due to fire or flood. However, it does cover damage caused by natural disasters. You may consider adding additional coverage if you live in an area at high risk.
In addition to insurance, you'll need to consider the cost of storing your gold. Storage costs are not covered by insurance. For safekeeping, banks typically charge $25-40 per month.
If you decide to open a gold IRA, you must first contact a qualified custodian. A custodian keeps track of your investments and ensures that you comply with federal regulations. Custodians are not allowed to sell your assets. They must instead keep them for as long as you ask.
Once you have chosen the right type of IRA to suit your needs, it is time to fill out paperwork defining your goals. Information about your investments such as stocks and bonds, mutual fund, or real property should be included in your plan. You should also specify how much you want to invest each month.
After completing the forms, send them along with a check or a small deposit to your chosen provider. After receiving your application, the company will review it and mail you a confirmation letter.
Consider consulting a financial advisor when opening a golden IRA. Financial planners are experts in investing and will help you decide which type of IRA works best for your situation. They can also help reduce your costs by suggesting cheaper options for purchasing insurance.
Can I buy Gold with my Self-Directed IRA?
However, gold can only be purchased with your self-directed IRA. To do so, you must first open a brokerage account at TD Ameritrade. If you already have a retirement account, funds can be transferred to it.
The IRS allows individuals up to $5.500 annually ($6,500 if you are married and filing jointly). This can be contributed to a traditional IRA. Individuals can contribute up $1,000 per annum ($2,000 if they are married and jointly) directly to a Roth IRA.
You might want to purchase physical bullion, rather than futures contracts if you are going to invest in gold. Futures contracts are financial instruments based on the price of gold. They allow you to speculate on future prices without owning the metal itself. But, physical bullion is real bars of gold or silver that you can hold in one's hand.
What are the fees associated with an IRA for gold?
$6 per month is the Individual Retirement Account Fee (IRA). This fee covers account maintenance fees, as well any investment costs that may be associated with your investments.
Diversifying your portfolio may require you to pay additional fees. The type of IRA you choose will determine the fees. For example, some companies offer free checking accounts but charge monthly fees for IRA accounts.
Most providers also charge annual management costs. These fees range between 0% and 1 percent. The average rate for a year is.25%. These rates can be waived if the broker is TD Ameritrade.
What should I pay into my Roth IRA
Roth IRAs can be used to save taxes on your retirement funds. You can't withdraw money from these accounts before you reach the age of 59 1/2. If you decide to withdraw some of your contributions, you will need to follow certain rules. First, you can't touch your principal (the initial amount that was deposited). This means that regardless of how much you contribute to an account, you cannot take out any more than you initially contributed. If you are able to take out more that what you have initially contributed, you must pay taxes.
The second rule is that your earnings cannot be withheld without income tax. When you withdraw, you will have to pay income tax. For example, let's say that you contribute $5,000 to your Roth IRA every year. Let's also say that you earn $10,000 per annum after contributing. You would owe $3,500 in federal income taxes on the earnings. So you would only have $6,500 left. The amount you can withdraw is limited to the original contribution.
So, if you were to take out $4,000 of your earnings, you'd still owe taxes on the remaining $1,500. Additionally, half of your earnings would be lost because they will be taxed at 50% (half the 40%). You only got back $4,000. Even though you were able to withdraw $7,000 from your Roth IRA,
Two types of Roth IRAs are available: Roth and traditional. Traditional IRAs allow you to deduct pretax contributions from your taxable income. To withdraw your retirement contribution balance plus interest, your traditional IRA is available to you. There are no restrictions on the amount you can withdraw from a Traditional IRA.
A Roth IRA doesn't allow you to deduct your contributions. Once you are retired, however, you may withdraw all of your contributions plus accrued interest. Unlike a traditional IRA, there is no minimum withdrawal requirement. You don't need to wait until your 70 1/2 year old age before you can withdraw your contribution.
Statistics
- 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)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
