Why Did the Stablecoin First Digital USD Experience a 26x Rise in 6 Months?(FDUSD)

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.