Binance, the world’s largest cryptocurrency exchange, has announced that First Digital Group’s FDUSD stablecoin will be available on its platform with no transaction fees. Since its original release last month, the FDUSD stablecoin, issued by the business FD121 under First Digital Trust, has garnered substantial interest, and its listing on Binance is likely to fuel even more enthusiasm in the crypto world.
Binance offers a time-limited promotion with no maker fees on all existing FDUSD spot trading pairs and any new FDUSD spot and margin trading pairs in honor of this historic listing. This action promotes active trading and gives users more freedom and liquidity.
The high-quality cash and equivalent reserves stored in segregated accounts under the management and audit of independent third parties serve as a 1:1 guarantee for the FDUSD stablecoin. By making the stablecoin exchangeable at a 1:1 ratio with the US dollar, this system provides transparency, fosters trust in the stability of the stablecoin, and offers a dependable hedge against market volatility and ambiguous central bank policies.
Binance Strengthens Security And Transparency
The move by Binance to launch FDUSD demonstrates its commitment to providing its consumers with safe and open trading choices. Trading FDUSD tokens for US dollars or their equivalent in other currencies with confidence is possible because of the stablecoin’s backing by first-rate reserves, which guarantees that their value will remain stable. This action enhances Binance’s standing as a reputable and trustworthy platform for crypto trading.
According to Wu Blockchain, there are 10.11 million FDUSD in circulation right now, and roughly 99.9% of them are stored in Binance wallet addresses. Additionally, FDUSD already supports the BNB Chain and Ethereum, and plans call for adding support for more blockchains soon.
Due to Hong Kong’s legal environment, retail investors cannot trade stablecoins publicly. However, according to the rules established by the Hong Kong Monetary Authority (HKMA) and financial authorities, stablecoins can be produced and used within approved institutions if they adhere to licensing and regulatory norms.
Regarding the difficulties stablecoins confront regarding reserve backing and security, First Digital Trust’s FDUSD stablecoin offers an intriguing option. The proliferation of stablecoins in Hong Kong’s financial sector has raised several issues, which FDUSD may help address by achieving the required legal criteria.
Investors and trading platforms are gearing up to benefit from the fee-free trading promotion, while the crypto community eagerly anticipates the inclusion of FDUSD in Binance’s listings. This move is expected to boost the stablecoin adoption in the international market for digital currencies, as it is pegged to the US dollar.
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