Binance, a prominent cryptocurrency exchange, revealed its plans on August 3 to introduce trading pairs for Bitcoin/First Digital Dollar (BTC/FDUSD) and Ether/First Digital Dollar (ETH/FDUSD), along with an updated zero-fee Bitcoin trade and Ethereum trading. The addition encompasses FDUSD stablecoin spot and margin pairs.
Commencing from 08:00 UTC on August 4, users will be able to engage in BTC/FDUSD spot and margin trading with zero maker and taker fees through the zero-fee Bitcoin trading initiative. Furthermore, ETH/FDUSD trading will also incur zero fees , although standard taker fees will be applicable based on users' VIP levels.
The trading volume associated with BTC/FDUSD spot and margin trading pairs will not factor into VIP level trading volume calculations or the liquidity provider plan. This development aims to enhance users' overall trading experience. During the promotional period, BTC/FDUSD spot and margin Trading pairs are exempt from BNB discounts, referral rebates, and other adjustments.
Although the stablecoin First Digital USD (FDUSD) was initially set to be listed on Binance on July 26, 2023, at 8:00 AM UTC, its launch was postponed due to liquidity provider issues. It eventually became available at 2:00 PM Standard Time on the same day.
Binance had previously undertaken a zero-fee Bitcoin trading initiative in March, accompanied by Binance USD trading. This included a transition from BUSD to TrueUSD (TUSD) stablecoin. However, this alteration, coupled with the removal of Tether, led to a significant decrease of over 50% in Binance's market share and trading volume. The emergence of the dollar-pegged FDUSD, backed by Hong Kong custodian and trust company First Digital, occurred on June 1. With a current market cap of $257 million, FDUSD's impact on the The crypto market is relatively limited, yet the potential issuance of new FDUSD on Binance could substantially boost its market capitalization.
