The Rapid Growth of FDUSD
According to recent statistics, the stablecoin crypto asset FDUSD has experienced a remarkable increase in market capitalization, growing by $1 billion since the beginning of the year. This surge is especially impressive considering that it took place within a span of just 30 days. As of now, the total supply of FDUSD stands at 2.614 billion, representing a substantial 45.7% increase in supply over the past month.
FDSUD Emerges as a Leading Stablecoin
Since its launch, FDUSD has quickly established itself as one of the fastest-growing stablecoins in the market. In fact, it has surpassed several other stablecoins in terms of market capitalization. As of January 21, 2024, FDUSD has become the fourth-largest stablecoin, with a market valuation of $2.61 billion. This is a significant jump from its initial market cap of $1.6 billion on January 1, as reported by coingecko.com.
Ranking and Growth
When it comes to rankings, FDUSD currently sits below USDT, USDC, and DAI, but it has managed to surpass TUSD, USDD, and FRAX in the stablecoin hierarchy. The data reveals a notable 45.7% growth in supply since December 22, 2023. Presently, there are 452 individual holders of the ERC20 variant of FDUSD, the dollar-pegged token on Ethereum, with a total supply of 2.564 billion FDUSD as of January 21. Additionally, the BNB chain has issued 49,380,678 FDUSD, according to records collected on the same day.
Binance's Dominance
Within the BNB chain, FDUSD is held by 3,545 distinct wallets. Notably, Binance holds the top three wallets for BNB-based FDUSD, controlling a significant 82.1% of the 49.38 million FDUSD minted on BNB. Furthermore, the top 100 holders collectively possess 99.01% of these specific BNB-minted coins. In the case of the Ethereum version, Binance maintains its dominance with control over the top three wallets, accounting for 97.48% of the total ERC20 FDUSD supply.
Trading Volume and Presence
Although both versions of FDUSD have seen limited onchain activity, it is worth noting that FDUSD holds the sixth-largest trading volume on Sundays. This suggests that most of FDUSD's transactions occur off-chain and through order books. As of now, the ERC20 version of FDUSD has witnessed a total of 2,896 transactions, while the BNB version has been transacted 60,747 times. This indicates that a majority of FDUSD's current presence is through centralized exchanges rather than decentralized finance (defi) protocols.
In conclusion, the market capitalization of FDUSD has experienced a significant surge, reaching $2.6 billion within just 30 days. This growth, coupled with its impressive rankings and dominance by Binance, positions FDUSD as a prominent stablecoin in the ever-evolving crypto market.
What are your thoughts on FDUSD's remarkable market capitalization? Feel free to share your opinions in the comments section below.
Frequently Asked Questions
Can I buy gold with my self-directed IRA?
You can purchase gold with your self-directed IRA, but you must first open an account at a brokerage firm like TD Ameritrade. You can also transfer funds from another retirement account if you already have one.
The IRS allows individuals to contribute up to $5,500 annually ($6,500 if married and filing jointly) to a traditional IRA. Individuals may contribute up to $1,000 ($2,000 if married, filing jointly) directly into a Roth IRA.
If you do decide you want to invest your money in gold, you should look into purchasing physical bullion instead of futures contracts. Futures contracts are financial instruments based on the price of gold. They let you speculate on future price without having to own the metal. But physical bullion refers to real gold and silver bars you can carry in your hand.
How to open a Precious Metal IRA
First, decide if an Individual Retirement Account is right for you. Open the account by filling out Form 8606. To determine which type of IRA you qualify for, you will need to fill out Form 5204. This form must be submitted within 60 days of the account opening. Once this has been completed, you can begin investing. You can also choose to pay your salary directly by making a payroll deduction.
To get a Roth IRA, complete Form 8903. Otherwise, the process will be identical to an ordinary IRA.
To qualify for a precious Metals IRA, there are specific requirements. You must be at least 18 years of age and have earned income to qualify for a precious metals IRA. You cannot earn more than $110,000 annually ($220,000 if married filing jointly) in any one tax year. And, you have to make contributions regularly. These rules apply whether you're contributing through an employer or directly from your paychecks.
You can invest in precious metals IRAs to buy gold, palladium and platinum. But, you'll only be able to purchase physical bullion. This means you won't be allowed to trade shares of stock or bonds.
You can also use your precious metals IRA to invest directly in companies that deal in precious metals. This option is offered by some IRA providers.
An IRA is a great way to invest in precious metals. However, there are two important drawbacks. First, they aren't as liquid than stocks and bonds. This makes it harder to sell them when needed. Second, they don't generate dividends like stocks and bonds. Also, they don't generate dividends like stocks and bonds. You will eventually lose money rather than make it.
Should you Invest In Gold For Retirement?
The answer will depend on how many dollars you have saved so far and whether you had gold as an investment option at the time. If you're unsure about which option to choose then consider investing in both.
Not only is it a safe investment but gold can also provide potential returns. This makes it a worthwhile choice for retirees.
Although most investments promise a fixed rate of return, gold is more volatile than others. Its value fluctuates over time.
This does not mean you shouldn’t invest in gold. It just means that you need to factor in fluctuations to your overall portfolio.
Another benefit to gold? It's a tangible asset. Gold is more convenient than bonds or stocks because it can be stored easily. It can be easily transported.
You can always access gold as long your place it safe. Physical gold is not subject to storage fees.
Investing in gold can help protect against inflation. Gold prices are likely to rise with other commodities so it is a good way of protecting against rising costs.
A portion of your savings can be invested in something that doesn't go down in value. Gold tends to rise when the stock markets fall.
Another advantage to investing in gold is the ability to sell it whenever you wish. As with stocks, your position can be liquidated whenever you require cash. It doesn't matter if you are retiring.
If you do decide to invest in gold, make sure to diversify your holdings. You shouldn't try to put all of your eggs into one basket.
Don't purchase too much at once. Start by purchasing a few ounces. Then add more as needed.
The goal is not to become rich quick. It is to create enough wealth that you no longer have to depend on Social Security.
While gold may not be the best investment, it can be a great addition to any retirement plan.
How much is gold taxed under a Roth IRA
An investment account's tax rate is determined based upon its current value, rather than what you originally paid. If you invest $1,000 into a mutual fund, stock, or other investment account, then any gains are subjected tax.
But if you put the money into a traditional IRA or 401(k), there's no tax when you withdraw the money. Dividends and capital gains are exempt from tax. Capital gains only apply to investments more than one years old.
These accounts are subject to different rules depending on where you live. In Maryland, for example, withdrawals must be made within 60 days of reaching the age of 59 1/2 in order to qualify. Massachusetts allows you to delay withdrawals until April 1. New York has a maximum age limit of 70 1/2. To avoid penalties, you should plan ahead and take distributions as soon as possible.
Statistics
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- Do you want to keep your IRA gold at home? It's Not Exactly Lawful – WSJ
cftc.gov
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads and Example. Risk Metrics
irs.gov
How To
How to Keep Physical Gold in an IRA
The best way to invest in Gold is by purchasing shares of companies that produce it. This method is not without risks. There's no guarantee these companies will survive. Even if the company survives, they still face the risk of losing their investment due to fluctuations in gold's price.
The alternative is to buy physical gold. You'll need to open a bank account, buy gold online from a trusted seller, or open an online bullion trading account. This option has many advantages, including the ease of access (you don’t have to deal with stock markets) and the ability of making purchases at low prices. It is also easier to check how much gold you have stored. You'll get a receipt showing exactly what you paid, so you'll know if any taxes were missed. You are also less likely to be robbed than investing in stocks.
There are also some drawbacks. There are some disadvantages, such as the inability to take advantage of investment funds and interest rates from banks. It won't allow you to diversify any of your holdings. Instead, you'll be stuck with what's been bought. Finally, the taxman may ask you about where you have put your gold.
If you'd like to learn more about buying gold in an IRA, visit the website of BullionVault.com today!
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By: Jamie Redman
Title: FDUSD's Market Cap Surges to $2.6 Billion in Just 30 Days
Sourced From: news.bitcoin.com/fdusd-market-cap-skyrockets-by-1-billion-in-2024-clinching-top-4-stablecoin-spot/
Published Date: Sun, 21 Jan 2024 18:30:03 +0000
