Binance announces the listing of the stablecoin FDUSD and launches a promotion offering zero trading fees for limit orders.
After BUSD was accused of being an unregistered security and TUSD faced continuous negative news, will FDUSD become the next favored stablecoin star on Binance?
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Binance lists FDUSD and launches zero trading fees promotion
Binance announcement on July 26, 16:00 (Taiwan Time) stated that they have listed the stablecoin First Digital USD (FDUSD), which is open for deposits. The trading pairs available are:
BNB/FDUSD
FDUSD/BUSD
FDUSD/USDT
Withdrawals are scheduled to open on July 27, 16:00 (Taiwan Time). All users trading on the above pairs and any future FDUSD spot and margin trading pairs will enjoy zero trading fees for limit orders, with the end date of the promotion to be announced later.
FDUSD is a 1:1 USD-backed stablecoin issued by First Digital Labs.
Reserves of FDUSD are held by First Digital Trust Limited, @FirstDigitalHQ, a qualified custodian and registered trust company headquartered in Hong Kong.
Learn more about it here ๐
โ Binance (@binance) July 26, 2023
FDUSD issued by Hong Kong-based entity
According to The Block, Hong Kong-based regulatory-compliant trust entity First Digital Labs introduced a USD stablecoin on May 31 this year. Emphasizing that it is backed 1:1 by equivalent assets, this programmable stablecoin can execute financial and insurance contracts, custody services without the need for third-party intermediaries, and all reserves are held in separate accounts at Asian institutions.
The timing of First Digital's announcement coincided with the official implementation of the crypto regulation in Hong Kong on June 1.
Recap of Hong Kong regulations: Hong Kong crypto regulation in effect on 6/1: Exchanges bear heavy responsibility to protect retail investors, stablecoin trading temporarily halted
After Binance faced accusations regarding BUSD as an unregistered security, they promptly switched to support another stablecoin, TUSD, and similarly launched a zero trading fees promotion. However, subsequent negative news about TUSD continued to surface:
In-depth report: Investigation on TUSD and Sun Yuchen's associated enterprises! Crypto investigator Adam: Trusting TUSD is trusting Sun Yuchen
Will FDUSD become the next favored stablecoin gem on Binance?