Binance Lists First Digital USD Stablecoin with Zero Trading Fees
Binance, a popular crypto exchange, has listed the new stablecoin First Digital USD (FDUSD) and is currently offering zero trading fees for select FDUSD pairs. Here are the key points to know:
– Binance is not charging maker fees for FDUSD/BNB, FDUSD/USDT, and FDUSD/BUSD spot trading pairs, as well as any new FDUSD spot and margin trading pairs.
– Taker fees are also waived for the FDUSD/BUSD and FDUSD/USDT spot and margin trading pairs. Maker fees are charged to traders who provide liquidity, while taker fees are charged to traders who remove liquidity.
– Binance temporarily halted FDUSD trading due to technical issues faced by the stablecoin’s liquidity providers, but it has since resumed.
– The zero trading fees for FDUSD pairs will continue until further notice.
Binance’s Stablecoin Controversy
Binance’s listing of FDUSD comes amidst controversy surrounding its previous promotion of TrueUSD (TUSD). Here are the main details:
– Binance previously offered zero trading fees for select TUSD pairs, which led to the stablecoin rising in market position.
– Reports suggested that Tron founder Justin Sun may be involved with TUSD, but Sun denied these allegations, stating that he is not involved in its ownership or acquisition.
– Techteryx, an Asia-based consortium, now manages TUSD after purchasing it from TrueCoin in December 2020.
Binance’s BUSD Stablecoin and FDUSD’s Future
Binance’s own stablecoin, BUSD, is facing potential phase-out due to regulatory orders. Here’s what to know:
– The New York Department of Financial Services ordered Paxos, the issuer of BUSD, to stop issuing the stablecoin.
– Binance’s CEO, Changpeng Zhao, previously stated that the exchange would move away from using BUSD as the primary trading pair.
– FDUSD, issued by First Digital Labs, could see an increase in supply with its listing on Binance. It is currently available on Ethereum and BNB Chain and plans to support more blockchains in the future.
Hot Take
Binance’s listing of FDUSD and the zero trading fees promotion shows the exchange’s commitment to expanding its stablecoin offerings. However, the controversy surrounding TUSD and the potential phase-out of BUSD raise questions about the stability and regulatory compliance of these stablecoins. Traders should exercise caution and stay informed about the developments in the stablecoin market.
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