Binance Introduces Trading Pairs with FDUSD Stablecoin
You can now trade some of the most popular cryptocurrencies on Binance using the First Digital USD (FDUSD) stablecoin. FDUSD was launched in June 2023 by First Digital, a Hong Kong-based custodian and trust company. This launch coincided with Hong Kong’s new cryptocurrency regulations, as the country aims to become a prominent crypto hub in the region.
In addition to the Hong Kong connection, Binance is offering zero trading fees for the US dollar pegged stablecoin. This is significant considering the concerns surrounding stablecoins and regulations. FDUSD is backed by high-quality reserves in cash and cash equivalents, and its operations are monitored by the Hong Kong Monetary Authority (HKMA).
Binance Announces DOGE/FDUSD, XRP/FDUSD Trading Pairs
Binance recognizes the growth potential of FDUSD and has added trading pairs for it. Currently ranked 215 among major cryptocurrencies, FDUSD has a market cap of $382 million, while Tether USDt (USDT) has a market cap of $83 billion. Starting from September 7, 2023, you can trade the following pairs on Binance:
DOGE/FDUSD, SOL/FDUSD, TOMO/TRY, UNFI/TRY, and XRP/FDUSD
Binance also announced that zero maker fees will continue to be available for the newly added FDUSD trading pairs.
Hot Take
Binance’s addition of trading pairs with the FDUSD stablecoin reflects the growing importance of stablecoins in the cryptocurrency market. With the support of the Hong Kong Monetary Authority and zero trading fees, FDUSD presents itself as a reliable and cost-effective option for traders. This move by Binance further strengthens the position of stablecoins and highlights their potential for growth and adoption in the future.
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