Railgun

Defi

Launchpool

<p class="is-style-lead">In a recent development, Binance’s OMNI Launchpool reported deposits of FDUSD stablecoin that significantly surpassed its official total circulation.&nbsp;</p> 
<p>Specifically, the platform initially <a href="https://twitter.com/WuBlockchain/status/1779881191929446695" target="_blank" rel="">showed</a> deposits totaling $6.37 billion in <a href="https://crypto.news/price/fdusd/" rel="">FDUSD</a>, sparking intrigue given that the stablecoin’s market capitalization is reported to be just below $4 billion.</p> 
<p>According to <a href="https://www.coingecko.com/en/coins/first-digital-usd" target="_blank" rel="">CoinGecko</a> 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 <a href="https://crypto.news/uk-to-implement-new-crypto-and-stablecoin-legislation-by-q3/" rel="">stablecoin’s</a> backing and integrity and the operational fairness of the OMNI Launchpool.</p> 
<p> You might also like: <a href="https://crypto.news/base-hack-defi-network/" rel=""> Defi platform on Base network experiences $2m hack </a> </p> 
<p>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.&nbsp;</p> 
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   <p lang="en" dir="ltr">Thank you for bringing this to our attention. We want to assure you that we are fully aware of the issue regarding the incorrect display of staked FDUSD and BNB amounts on our Launchpool page.<br><br>The error was strictly a display issue and has already been addressed and fixed…</p>— Binance Customer Support (@BinanceHelpDesk) <a href="https://twitter.com/BinanceHelpDesk/status/1779900614203359406?ref_src=twsrc%5Etfw" target="_blank" rel="">April 15, 2024</a>
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<p>Following the news, the stablecoin briefly depegged to 98 cents but has since recovered its $1 value. First Digital <a href="https://crypto.news/fdusd-stablecoin-sui-expansion/" rel="">integrated</a> into the layer 1 blockchain Sui last week, becoming the network’s first native stablecoin.&nbsp;</p> 
<p> Read more: <a href="https://crypto.news/vitalik-buterin-railgun-deposit-ethereum/" rel=""> Vitalik Buterin’s 100 ETH Railgun deposit sparks discourse </a> </p>

Binance Launchpool makes a critical error in FDUSD circulating supply

crypto.news

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