First Digital USD (FDUSD), a U.S. dollar–pegged stablecoin issued by Hong Kong–based First Digital Labs, has seen its market capitalization increase by about 51% over the last 30 days to roughly $394 million, according to data cited by The Block. The growth reflects a rapid rise in circulating supply from the mid‑200 million range into the high‑300 million range, with price holding close to its $1 peg. This expansion comes less than a year after FDUSD’s launch in mid‑2023 as a reserve‑backed stablecoin initially issued on Ethereum and BNB Chain. The Block reports that the majority of FDUSD in circulation is currently held on Binance, where the exchange has been promoting the token as a key alternative following the regulatory pressure and wind‑down of BUSD. Binance’s listing, trading incentives, and encouragement for users to migrate from BUSD have been central to FDUSD’s distribution and liquidity, making Binance the main venue and holder concentration point. FDUSD’s design as a fully reserved stablecoin backed by cash, U.S. Treasury bills, and repos, with third‑party attestation of reserves, is positioned to appeal to traders seeking a compliant, transparent dollar token while also concentrating counterparty and platform risk around a single dominant exchange. The rapid rise in market cap and Binance-centric holding pattern make FDUSD an increasingly relevant piece of the stablecoin landscape and a case study in how exchange support can accelerate adoption.

AI-generated background, compiled from web sources — not editorial content.

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