The First Digital USD Stablecoin and Its Growing Popularity on Binance
The First Digital USD stablecoin (FDUSD) and its trading pairs have achieved a record share of spot trading volume on Binance. According to The Block Pro Data Dashboard, FDUSD pairs accounted for 38% of Binance’s total spot trading volume on February 12, marking a significant 42.6% increase compared to the previous month.
The popularity of FDUSD on Binance can be attributed to its advantages, such as free trading for BTC/FDUSD and no maker fee for most FDUSD pairs. Additionally, the recent decision to end support for BUSD on the exchange may have motivated users to convert to the newer stablecoin.
FD121, a subsidiary of Hong Kong-based custodian and trust company First Digital, introduced FDUSD in June 2023. Binance listed FDUSD a month later and offered zero trading fees for the stablecoin.
About the Author
MK Manoylov has been a reporter for The Block since 2020. With extensive experience covering crypto news, MK specializes in NFTs, metaverse, web3 gaming, funding, crime, hack, and crypto ecosystem stories. Holding a graduate degree from New York University’s Science, Health and Environmental Reporting Program (SHERP), MK has also written for WebMD and Insider. Follow MK on Twitter @MManoylov and LinkedIn.
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