According to trade volume, Binance, the biggest cryptocurrency exchange in the world, has stated it would start adding new trading pairs on September 7 at 08:00 UTC, including XRP and Dogecoin paired with First Digital USD (FDUSD).
Along with the inclusion of this announcement, additional trading pairs including TOMO/TRY and UNFI/TRY were also included.
Diverse use cases
A subsidiary of Hong Kong-based banking company First Digital Limited, FD121 Limited introduced the reserve-backed stablecoin FDUSD in June 2023.
Both the BNB Chain and Ethereum networks are supported by the stablecoin.
With an equivalent amount of cash or cash equivalents kept in reserves by its custodian, First Digital Trust Limited, First Digital USD is intended to maintain a steady value.
FDUSD enables a variety of use-cases, such as effective international payments, payment processing, and usage in decentralised finance (DeFi) applications.
Waiving fees
Recent addition of First Digital’s FDUSD stablecoin to Binance’s trading roster comes with $0 trading costs for pairings of Bitcoin and Ether with FDUSD. This action is a part of Binance’s aim to diversify stablecoin trade volumes, particularly in light of the regulatory problems that earlier this year affected its Binance USD (BUSD) currency. The exchange has eliminated commissions for trading TrueUSD (TUSD).
