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Binance, the world’s largest cryptocurrency exchange by trading volume, has announced that it will expand the availability of First Digital USD (FDUSD) stablecoin to include trading pairs with some of the most popular cryptocurrencies. This means that FDUSD will be added to the existing pairs for Dogecoin (DOGE), Solana (SOL), and XRP (XRP).
DOGE/FDUSD and XRP/FDUSD Trading Pairs Coming Soon
The major cryptocurrency exchange Binance has made a move to expand the availability of FDUSD, a stablecoin launched in response to Hong Kong-based storage and trust company First Digital’s new cryptocurrency regulatory regime, which aims to establish Hong Kong as a major crypto hub by June 2023. Binance will enable trading of some of the most popular cryptocurrencies against FDUSD.
Starting from September 7, 2023, Binance will support the following trading pairs:
- DOGE/FDUSD, SOL/FDUSD, and XRP/FDUSD
Binance currently does not charge any trading fees for FDUSD pairs, which are pegged to the US dollar and free from the Hong Kong factor. The same applies to DOGE/FDUSD, SOL/FDUSD, TOMO/TRY, UNFI/TRY, and XRP/FDUSD trading pairs.
Binance Supports FDUSD’s Growth
FDUSD stands out for being backed by high-quality reserves in cash and cash equivalents, addressing concerns about stability and regulatory compliance for stablecoins. Furthermore, the Hong Kong Monetary Authority (HKMA) oversees the operations of FDUSD by licensing it and ensuring compliance with regulatory standards.
Experts believe that Binance’s move will accelerate the expected growth of FDUSD, considering its potential as a relatively new stablecoin. Currently ranked 215th among major cryptocurrencies, FDUSD has a market value of only $382 million compared to Tether’s USDT, the largest stablecoin with a market value of $83 billion.
