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Crypto News

Recent Debut of GHO and FDUSD Stablecoins Shows Massive Supply Growth

Author

Jay Solano

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Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

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Two stablecoins tethered to the U.S. dollar—Aave’s gho (GHO) and First Digital’s FDUSD—have just entered the cryptocurrency market. After their launch, dollar-tied tokens saw significant market capitalization increase.

Aave’s gho (GHO) stablecoin and governance proposal were approved in mid-July. On July 17, 2023, there were 2,510,269 GHO tokens; presently there are over 11.25 million. GHO’s supply increased 348% in 16 days. Uniswap v3 and Balancer v2 are the top GHO trading platforms. GHO has 357 holdings and 3,479 transactions since inception.

Balancer’s Vault has 59.2255% of GHO, and its 24-hour trading volume is $1.52 million. GHO ranks 31st in stablecoin supply and market cap in August 2023. GHO rose 3% to $1.01 per unit 18 days ago. GHO’s all-time low was $0.971 on July 24, 2023.

FDUSD’s rise since launch is even more spectacular than its 348% supply increase. Last week, etherscan analytics showed FDUSD’s supply at 1,114,126. 232 million FDUSD are in circulation, a 20,000% increase in a week. FDUSD data reveal 14 holdings and 98 transfers since debut.

96.0563% of FDUSD is in “Binance 14” and 1.4325% in “Binance 15.” Binance appears to handle the third largest wallet with 1.3670% of FDUSD supply. The fourth largest wallet holds slightly more than 2 million FDUSD, 0.8604% of the circulating supply. According to Coinmarketcap.com (CMC), FDUSD’s biggest market is tether (USDT), with $65,964,418 traded internationally on Binance in the past 24 hours as of August 2, 2023.

The stablecoin BUSD has had $2,773,961 worth of transactions, while FDUSD’s BNB volume has been $2,773,961. On August 2, Pancakeswap’s 24-hour transaction volume was $46.65. According to CMC data, FDUSD reached an all-time high of $1.06 per unit on July 29, 2023, and a low of $0.912 per coin on July 31.