Binance Launchpool makes a critical error in FDUSD circulating supply

In a recent development, Binance’s OMNI Launchpool reported deposits of FDUSD stablecoin that significantly surpassed its official total circulation. 

Specifically, the platform initially showed deposits totaling $6.37 billion in FDUSD, sparking intrigue given that the stablecoin’s market capitalization is reported to be just below $4 billion.

According to CoinGecko data, the FDUSD stablecoin is minted on the Ethereum blockchain and the Binance Smart Chain with current supplies of $3.8 billion and $180 million, respectively. The figures initially reported by Binance suggested an unaccounted-for $2.4 billion in FDUSD, leading to speculations about the stablecoin’s backing and integrity and the operational fairness of the OMNI Launchpool.

Addressing the anomaly, Binance later clarified that the previously reported figures were incorrect due to a display error. Binance has since fixed the mistake and now correctly shows $3.18 billion FDUSD deposited in the Launchpool. 

Following the news, the stablecoin briefly depegged to 98 cents but has since recovered its $1 value. First Digital integrated into the layer 1 blockchain Sui last week, becoming the network’s first native stablecoin.