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Binance, the world’s largest cryptocurrency exchange with its massive volume, continues to exert its influence on the crypto market. The giant crypto exchange has buried TrueUSD (TUSD) while skyrocketing First Digital USD (FDUSD) with the changes it made in the stablecoin market after initiating the process of ending support for Binance USD (BUSD) on its platform.
The Fall of TUSD and the Rise of FDUSD
As known, Binance listed FDUSD at the end of July and launched a zero-fee trading program for the stablecoin. According to the data compiled by Kaiko, thanks to the zero-fee trading program launched immediately after the listing process, FDUSD’s share in the stablecoin trading volume reached up to 16%.
By filling the gap in the stablecoin market after BUSD with TUSD and launching a zero-fee trading program for TUSD, Binance significantly increased the trading volume of the stablecoin, and its market share reached up to 23%. However, after completely shifting this support to FDUSD, the market share of TUSD has dropped to 1%.
Moreover, in the past 24 hours, the trading volume generated by the BTC/FDUSD trading pair on Binance reached 2.83 billion, ranking second after the BTC/USDT trading pair (3.79 billion).
What is First Digital USD (FDUSD)?
FDUSD is a stablecoin issued by FD121 Limited, operating under the brand of First Digital Labs, and is pegged to the US dollar at a 1:1 ratio. FDUSD is an altcoin project that aims to protect cryptocurrency investors from high volatility, reduce transaction costs, increase the efficiency of financial transactions, and provide faster and more secure transactions. Originally, FDUSD is a programmable stablecoin that enables the execution of financial contracts, custody services, and insurance without intermediaries.
According to First Digital Labs, FDUSD is backed by high-quality reserves of cash and cash equivalents, and it is claimed that each FDUSD is always backed at a 1:1 ratio. The reserve account of FDUSD is audited by independent third parties such as Prescient Assurance, and audit reports are publicly shared every month. Users can access the latest reserve information from the official website of First Digital Labs.
