The biggest crypto exchange, Binance, is now supporting XRP and Dogecoin with a stablecoin called FDUSD.
Binance, the world’s biggest crypto exchange, has introduced trading support for several popular cryptocurrencies using the First Digital USD (FDUSD) stablecoin.
FDUSD was launched by a Hong Kong-based company called First Digital in June 2023, coinciding with Hong Kong’s efforts to establish itself as a prominent crypto hub in the region through new crypto regulations.
Alongside its connection to Hong Kong, FDUSD, a stablecoin tied to the US dollar, is available for trading on Binance without any fees.
This stablecoin aims to provide confidence by being backed by a strong reserve of cash and cash equivalents, which is closely monitored by the Hong Kong Monetary Authority (HKMA). This ensures that it meets the necessary licensing and regulatory standards.
Binance Introduces DOGE/FDUSD and XRP/FDUSD Trading Pairs
Considering the potential for growth in the stablecoin market, Binance’s decision to add FDUSD is a positive step. Currently ranked 215th among major cryptocurrencies, FDUSD has a market cap of $382 million, while Tether USDt has $83 billion. Starting from September 7, 2023, Binance users can trade the following pairs:
- DOGE/FDUSD
- SOL/FDUSD
- TOMO/TRY
- UNFI/TRY
- XRP/FDUSD
Binance also mentioned that users will still enjoy zero maker fees when trading these new FDUSD pairs.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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