First Digital USD (FDUSD) is the stablecoin not enough people are talking about

FDUSD reportedly represents more than 10% of total Bitcoin spot volume via a single pair on Binance

First Digital USD is yet another stablecoin that appeared out of nowhere in May 2023. FDUSD is held by only 851 unique addresses, with a whopping 97.6% of the total supply controlled by just six known Binance addresses.

Less than 10 unique addresses hold more than $1 million FDUSD, and no known exchange address besides Binance holds more than $250,000 FDUSD.

Via just a single pair on Binance, over $11 billion of volume was reported in the last 24, hours which is 14.6% of the total Bitcoin spot volume tracked by Coin Market Cap.

FDUSD also traded over $4.3 billion against USDT on Binance.

While Bloomberg reporter James Seyffart and others have remarked on the relatively high volumes of the 11 Bitcoin ETFs, FDUSD and Tether volumes via just two pairs on Binance remain the elephant in the room that few are talking about.

In the last 24 hours, FDUSD and Tether (USDT) CoinMarketCap reported volumes of almost $19 billion on Binance for just two pairs. This represents more than 22% of the total spot Bitcoin volume reported Coin Market Cap.

This is more than 7x the average volume currently reported for all 11 ETFs.

All of this raises the question: Is this a scheme to use stablecoins with dubious backing to raise the price of Bitcoin on opaque offshore exchanges? As the Bitcoin price climbs, new money flows into the ETFs, leading them to purchase additional Bitcoins with real USD. Are the ETFs buying from market manipulators allowing them another avenue to convert their questionable stablecoins into real USD in large quantities?

Why is Binance reporting such astronomical volumes for a stablecoin nobody uses?

Why is there so little reporting on a token that supposedly represents more than 10% of global Bitcoin spot volume?

To stay up to date on FDUSD and Tether, follow Bitfinexed, Deso Games and Rho Rider.