Binance Launchpool recently found itself at the center of attention after reporting deposits of FDUSD stablecoin that significantly exceeded its officially reported circulating supply. The platform initially displayed deposits totaling $6.37 billion in FDUSD, a stark contrast to the stablecoin’s reported market capitalization of just under $4 billion.
CoinGecko data indicates that FDUSD is minted on both the Ethereum blockchain and the Binance Smart Chain, with current supplies of $3.8 billion and $180 million, respectively. The discrepancy reported by Binance raised eyebrows, suggesting an unaccounted-for $2.4 billion in FDUSD. This led to speculations regarding the stablecoin’s backing, integrity, and the operational fairness of the OMNI Launchpool.
In response to the confusion, Binance promptly addressed the anomaly, attributing the discrepancy to a display error. The platform swiftly rectified the mistake, accurately reflecting $3.18 billion FDUSD deposited in the Launchpool.
Following the news, the stablecoin experienced a brief depegging, dropping to 98 cents before subsequently recovering its $1 value. Notably, First Digital recently integrated into the layer 1 blockchain Sui, marking a significant milestone as the network’s first native stablecoin.
The incident underscores the importance of accuracy and transparency in cryptocurrency platforms, especially concerning stablecoin operations. While Binance acted swiftly to address the oversight, the incident serves as a reminder for investors to exercise caution and due diligence when participating in token offerings and utilizing crypto exchanges.
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