FDUSD Emerges as Dark Horse in Stablecoin Arena
In the world of dollar-pegged digital tokens, the once-obscure stablecoin known as FDUSD has experienced a significant rise. Since August 4, 2023, its supply has grown by 62%, from 260 million to its current standing at 423 million as of October 28, 2023.
Surge in Supply and Trading Volume
Over the past 85 days, FDUSD has seen a substantial increase in its circulating supply, soaring by 62% since the beginning of August. This surge in supply has propelled FDUSD into the top ten stablecoins by market capitalization, while its market volume share has also expanded.
A global surge in trading volume has also been recorded, with data revealing that on Saturday, FDUSD secured the sixth position in terms of trading volume among more than 10,000 existing crypto assets. According to metrics from coingecko.com, FDUSD has been traded globally to the tune of a substantial $1.62 billion in the past 24 hours.
FDUSD's Position in the Cryptocurrency Market
While tether (USDT) remains the leading trading pair for bitcoin (BTC), statistics from cryptocompare.com highlight FDUSD's distinction as the second-largest trading pair for the leading cryptocurrency. In terms of market capitalization, FDUSD currently holds the 85th position within the top 100 cryptocurrency assets.
Trading Activity and Holder Distribution
It is worth noting that FDUSD's trading volume primarily occurs within Binance, with only 141 unique addresses holding this stablecoin. Additionally, the majority of the trading activity happens off-chain, as FDUSD has recorded a modest 752 transactions since its inception.
The top 100 holders of FDUSD collectively command 100% of the supply, with Binance holding a substantial 79.39% of the total FDUSD in circulation. Among the top five FDUSD wallets, Binance claims ownership of three, while the remaining two belong to anonymous holders. The fifth-largest holder, operating incognito, also holds additional assets, with $2.6 million in USDT and $1.27 million in USDC.
The recent surge in FDUSD's supply and trading volume showcases its growing prominence in the stablecoin arena. With its position as the second-largest trading pair for bitcoin and its expanding market volume share, FDUSD is making its mark in the cryptocurrency market. What are your thoughts on FDUSD's supply rise and uptick in global trade volumes? Share your opinions in the comments section below.
Frequently Asked Questions
Should You Buy or Sell Gold?
Gold was considered a safety net for investors during times of economic turmoil in the past. Many people are shifting away from traditional investments like bonds or stocks to instead look toward precious metals such gold.
The gold price has been in an upward trend for the past few years, but it remains relatively low compared with other commodities like silver or oil.
Experts believe this could change soon. Experts believe that gold prices could skyrocket in the face of another global financial crisis.
They also mention that gold is becoming more popular due to its perceived worth and potential return.
These are some things you should consider when considering gold investing.
- First, consider whether or not you need the money you're saving for retirement. You can save money for retirement even if you don't invest in gold. Gold does offer an extra layer of protection for those who reach retirement age.
- Second, be sure to understand your obligations before you purchase gold. Each offers varying levels of flexibility and security.
- Don't forget that gold does not offer the same safety level as a bank accounts. Your gold coins may be lost and you might never get them back.
Do your research before you buy gold. You should also ensure that you do everything you can to protect your gold.
Can I purchase gold with my self directed IRA?
Your self-directed IRA can be used to purchase gold, but first you need to open an account with a brokerage firm such as TD Ameritrade. Transfer funds from an existing retirement account are also possible.
The IRS allows individuals contributing up to $5.500 each ($6,500 if married, filing jointly) into 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 that you want to invest, it is a good idea to buy physical bullion and not in futures. Futures contracts are financial instruments based on the price of gold. You can speculate on future prices, but not own the metal. However, physical bullion is real gold or silver bars you can hold in your hands.
How does a Gold IRA account work?
You can purchase physical gold bullion coins anytime. You don’t have to wait to begin investing in gold.
Owning gold as an IRA has the advantage of allowing you to keep it forever. Your gold holdings will not be subject to tax when you are gone.
Your gold is passed to your heirs without capital gains tax. Your gold is not part of your estate and you don't have to include it in the final estate report.
To open a Gold IRA, you'll need to first set up an Individual Retirement Account (IRA). Once you've completed this step, an IRA administrator will be appointed to your account. This company acts as a mediator between you, the IRS.
Your gold IRA custody will take care of the paperwork and send the forms to IRS. This includes filing annual returns.
After you have created your gold IRA, the only thing you need to do is purchase gold bullion. The minimum deposit is $1,000. The minimum deposit is $1,000. However, you will receive a higher percentage of interest if your deposit is greater.
Taxes will be charged on gold you have withdrawn from an IRA. If you're withdrawing the entire balance, you'll owe income taxes plus a 10 percent penalty.
However, if you only take out a small percentage, you may not have to pay taxes. However, there are some exceptions. If you take out 30% of your total IRA assets or more, you will owe federal income taxes and a 20 percent penalty.
It is best to not take out more than 50% annually of your total IRA assets. You could end up with severe financial consequences.
Do you need to open a Precious Metal IRA
Before opening an IRA, it is important to understand that precious metals aren't covered by insurance. It is impossible to get back money if you lose your investment. This includes any loss of investments from theft, fire, flood or other circumstances.
It is best to invest in physical gold coins and silver coins to avoid this type loss. These items have been around thousands of years and are irreplaceable. You would probably get more if you sold them today than you paid when they were first created.
If you decide to open an IRA account, choose a reputable company that offers competitive rates and products. It is also a smart idea to use a third-party trustee who will help you have access to your assets at all times.
You won't get any returns until you retire if you open an account. Keep your eyes open for the future.
How to open a Precious Metal IRA
It is important to decide if you would like an Individual Retirement Account (IRA). If you do, you must open the account by completing Form 8606. Then you must fill out Form 5204 to determine what type of IRA you are eligible for. This form should be filled within 60 calendar days of opening the account. After this, you are ready to start investing. You can also contribute directly to your paycheck via payroll deduction.
To get a Roth IRA, complete Form 8903. Otherwise, the process will look identical to an existing IRA.
To be eligible for a precious metals IRA, you will need to meet certain requirements. The IRS stipulates that you must have earned income and be at least 18-years old. You cannot earn more than $110,000 annually ($220,000 if married filing jointly) in any one tax year. You must also contribute regularly. These rules are applicable whether you contribute through your employer or directly from the paychecks.
An IRA for precious metals allows you to invest in gold and silver as well as platinum, rhodium, and even platinum. But, you'll only be able to purchase physical bullion. This means you won’t be able to trade stocks and bonds.
You can also use your precious metallics IRA to invest in companies that deal with precious metals. Some IRA providers offer this option.
There are two main drawbacks to investing through an IRA in precious metallics. First, they are not as liquid or as easy to sell as stocks and bonds. It's also more difficult to sell them when they are needed. They also don't pay dividends, like stocks and bonds. Therefore, you will lose more money than you gain over time.
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
The best place to buy silver or gold online
First, understand the basics of gold. Precious metals like gold are similar to platinum. It is rare and used as money due to its durability and resistance against corrosion. It is hard to use, so most people prefer jewelry made of it to real bars of gold.
Today, there are two types available in gold coins: one is legal tender and the other is bullion. Legal tender coins are those that are intended for circulation in a country. They typically have denominations of $1, $5 or $10.
Bullion coins should only be used for investment purposes. Inflation can cause their value to increase.
They can't be exchanged in currency exchange systems. A person can buy 100 grams of gold for $100. Every dollar spent on gold purchases, the buyer receives one gram of gold.
Next, you need to find out where to buy gold. There are many options for buying gold directly from dealers. You can start by visiting your local coin shop. You could also look into eBay or other reputable websites. You may also be interested in buying gold through private sellers online.
Private sellers are individuals who offer gold for sale, either at wholesale prices or retail prices. You pay a commission fee between 10% and 15% for each transaction when you sell gold through private sellers. This means that you will get less back from a private seller than if you sell it through a coin shop or on eBay. This is a great option for gold investing because you have more control over the item’s price.
The other option is to purchase physical gold. Although physical gold is easier to store than paper certificates you will still need to ensure it is safe. Physical gold must be kept safe in an impassible container, such as a vault.
If you are looking to purchase gold on your own, you have two options: a bank or an pawnshop. A bank will provide you with a loan that allows you to purchase the amount of gold you desire. Small establishments that allow customers to borrow money for items they have brought are called pawnshops. Banks typically charge higher interest rates than pawn shops.
You can also ask for help to purchase gold. Selling gold can be as easy as selling. A company such as GoldMoney.com can help you set up a simple bank account and get paid immediately.
By: Jamie Redman
Title: FDUSD Witnesses Surge in Supply and Trading Volume
Sourced From: news.bitcoin.com/fdusds-meteoric-rise-62-surge-in-supply-and-6th-highest-trading-volume-globally/
Published Date: Sat, 28 Oct 2023 16:00:49 +0000