The decline of $FDUSD was already evident before Sun Yuchen's revelation. After reaching a historical high of 4.042b at the end of May 2024, the overall issuance has been on a downward trend, dropping to just 2.2b today, a decline of 46%.

The awkward part is that right after that, the issuance of cryptocurrencies surged sharply again, rising from 150b to 235b. Not only was FDUSD far surpassed by USDe, but even the newly launched stablecoins were attacking its standing, like SkyUSD at 4.55b.

From the perspective of coverage chain, FDUSD has been lying on the Ethereum main chain, not even reaching into Binance's own backyard, Bnbchain, with only a meager 89m in circulation. The distance from the glory days, when it nearly killed $USDC, is as far apart as a dung beetle and an elephant.

They also tried to reach into Sui and Sol, and even made me hold some expectations. The final result was to go open a very small pool, and the returns were not promising, ultimately ending up in vain.

After waiting for a year, returning to square one, $FDUSD is still just that dependent on Binance, waiting for the Pool to give them a bite to eat, with no significant application scenarios beyond that.

Even though the couple has been pushing Bnbchain so hard recently, $FDUSD seems almost unrelated to it. It's important to remember that back then, $BUSD was the universal currency of BSC.

With Binance starting to support USDC for new listings recently, I feel that their patience with $FDUSD is running out. What's the point of continuing to feed a bunch of freeloaders? Isn’t it time to consider a change in leadership, bringing in someone more strategic and knowledgeable about crypto to reorganize?

At least in the past year, I can hardly see any proactive and effective efforts from the $FDUSD team, let alone compare them with the super-powered team from USDe. It's somewhat like a rich second-generation kid with a handkerchief trying to compete with Lei Jun in making electric cars.

Watching more and more large institutions enter the stablecoin space, even Blackrock's $BUIDL has reached 1.91b and is about to surpass $FDUSD. In the future, apart from RWA, many view stablecoins as a battleground for competition and a huge source of profit.

Old rival $USDC is about to go public. Back in the glory days of $BUSD in 2022, its market cap reached 23.5B. Let's hope my cousin doesn’t wake up early only to miss the boat.

@cz_binance Get it together, or this solid ticket in hand will be lost.