{"id":76190,"date":"2024-04-15T18:26:50","date_gmt":"2024-04-15T22:26:50","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=76190"},"modified":"2024-04-15T18:29:29","modified_gmt":"2024-04-15T22:29:29","slug":"binance-launchpool-makes-error-in-fdusd-circulating-supply","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/binance-launchpool-makes-error-in-fdusd-circulating-supply\/","title":{"rendered":"Binance Launchpool Makes Error in FDUSD Circulating Supply"},"content":{"rendered":"\n

Deposits of the stablecoin FDUSD<\/a> on Binance's OMNI Launchpool have significantly surpassed its reported total circulation.<\/p>\n\n\n\n

\"Binance
Binance Launchpool Makes Critical Error in FDUSD Circulating Supply<\/figcaption><\/figure>\n\n\n\n

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. <\/p>\n\n\n\n

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

The original data released by Binance raised concerns about the stability and integrity of the stablecoin and the operational equity of the OMNI Launchpool\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, indicating an unaccounted-for $2.4 billion in FDUSD. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

\n

The deposit amount of FDUSD on Binance Launchpool far exceeds the issuance amount. The OMNI FDUSD pool has 197k participants, deposited exceeds 6 billion FDUSD. The official website of First Digital, the issuer of FDUSD, shows a circulation of only 3.97 billion.\u2026 pic.twitter.com\/egEK0BjfhJ<\/use><\/svg><\/span><\/a><\/p>— Wu Blockchain (@WuBlockchain) April 15, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

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<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":43,"featured_media":76192,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[834],"tags":[15453,326,19146],"class_list":["post-76190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance","tag-fdusd","tag-binance","tag-omni-launchpool"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/04\/croc_1713219038753.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/76190","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=76190"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/76190\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/76192"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=76190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=76190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=76190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}