Binance’s OMNI Launchpool recently experienced a surge in deposits of FDUSD stablecoin, exceeding its official circulation. The platform initially displayed deposits totaling $6.37 billion in FDUSD, despite the stablecoin’s reported market capitalization of just under $4 billion. According to CoinGecko data, FDUSD is minted on the Ethereum blockchain and the Binance Smart Chain, with current supplies of $3.8 billion and $180 million, respectively. The discrepancy led to speculation about the stablecoin’s backing and the fairness of OMNI Launchpool operations.

Binance later clarified that the reported figures were inaccurate due to a display error, correcting the total to $3.18 billion FDUSD deposited in the Launchpool. Following the correction, the stablecoin briefly depegged to 98 cents but has since returned to its $1 value. First Digital recently integrated into the layer 1 blockchain Sui, becoming the network’s first native stablecoin. Stay updated on more cryptocurrency news on Global Crypto News.

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