Binance Launchpool’s Oversight in FDUSD Circulating Supply Sparks Concerns

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.

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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.

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