Why Did the Stablecoin First Digital USD Experience a 26x Rise in 6 Months?(FDUSD)
Adekunle Joshua
FDUSD climbs to become the 4th largest stablecoin by market cap
From $100M in June 2023 to over $2.6B in January 2024 – an impressive 26x growth in just 6 months
Compliance with regulations played a crucial role
Being a late entrant allowed First Digital Labs to build a compliant system from scratch, in contrast to peers like Circle, Binance, Paxos, and Tether facing SEC challenges
Early listing on Binance in July 2023 contributed to FDUSD's success, providing access to a massive user base and easy swapping with various cryptocurrencies
The winding up of BUSD due to legal issues created a void, leading users to migrate to FDUSD.