Binance Launchpool Makes Error in FDUSD Circulating Supply

Deposits of the stablecoin FDUSD on Binance's OMNI Launchpool have significantly surpassed its reported total circulation.

In particular, the stablecoin's market capitalization is reportedly just under $4 billion. Thus, it was intriguing when the site first displayed deposits totaling $6.37 billion in FDUSD.

The FDUSD stablecoin is currently generated on the Ethereum blockchain and the Binance Smart Chain, with current supplies of $3.8 billion and $180 million, respectively, according to CoinGecko data.

The original data released by Binance raised concerns about the stability and integrity of the stablecoin and the operational equity of the OMNI Launchpool, indicating an unaccounted-for $2.4 billion in FDUSD.

Later, Binance addressed the anomaly and explained that the previously published numbers were inaccurate because of a display error. Since then, Binance has corrected the error, and Launchpool now accurately displays the $3.18 billion deposited in FDUSD.

The stablecoin momentarily depreciated to 98 cents after the announcement but rebounded to its $1 value. Last Monday, First Digital became the first native stablecoin on the network when it was merged into the tier 1 blockchain Sui.