Although First Digital USD (FDUSD) is about 6 months old, it can be considered a new stable cryptocurrency. This is true when compared to established industry players such as USDT (from Tether), USDC (from Circle), or DAI (from MakerDAO).

FDUSD's youth has not been an impediment for it to reach the "first division" in this short period and take ground from long-established giants.

At the time of this publication it can be seen on market trackers such as CoinMarketCap or CoinGecko, that the daily transaction volume of FDUSD is surpassing that of USDC, thus becoming the second most ' traded ' stablecoin (or the fourth cryptocurrency) on the market .

The following, for example, is a table provided by CoinMarketCap in which this situation can be seen:

Previously, Binance promoted and incentivized the use of True USD (TUSD) to make it a successor to BUSD. But, for reasons that Kaiko describes as "unclear", he stopped doing so to make way for FDUSD. It is possible (and probable) that there are internal negotiations between Binance managers and the issuing companies of these stablecoins that explain the reason for these situations. But, in the absence of more data, all of this remains in the realm of speculation, at least for now.

FDUSD is a stablecoin that, like USDT or USDC, claims to be backed by fiat money (US dollars in bank accounts) and traditional financial assets.

The website of First Digital Labs, the Hong Kong-based issuing company, shows proof of monthly bookings that are, in theory, audited by a trusted third party.

We will have to wait to see if the growth trend of FDUSD continues constant or if it is just a passing fad, like TUSD was last year. As far as market capitalization is concerned, FDUSD currently occupies a distant 33rd place, this is far behind USDT, USDC and DAI.