Binance, the world’s largest cryptocurrency exchange, remains active in listing new cryptocurrencies. The latest addition to their listings is the first digital USD (FDUSD).
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Binance announced the listing of the new stablecoin, First Digital USD (FDUSD), and the opening of trading for spot trading pairs on July 26, 2023, at 08:00 UTC. The new spot trading pairs include BNB/FDUSD, FDUSD/BUSD, and FDUSD/USDT.
Users can already deposit FDUSD, and withdrawals will begin on July 27, 2023, at 08:00 UTC. The FDUSD listing fee is 0 BNB.
Binance has introduced a zero commission promotion for FDUSD trading pairs in response to its listing. During the FDUSD promotion period, all users can enjoy zero maker fees on FDUSD spot trading pairs, as well as new FDUSD spot and margin trading pairs. The validity period is from July 26, 2023, starting at 08:00 UTC, and will continue until further notice.
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 👇
— Binance (@binance) July 26, 2023
What is FDUSD and how does it work?
FDUSD is a 1:1 USD-backed stablecoin introduced by First Digital Trust, a Hong Kong-based digital asset custodian. Currently, it is only issued on the Ethereum (ETH) and Binance (BNB) chains.
FDUSD provides users with a reliable digital currency, aiming to mitigate the impact of cryptocurrency market volatility, enhance transaction efficiency by reducing costs, and offer faster and safer transactions.
FDUSD is backed by high-quality reserves, and its reserve account is audited by independent third parties like Prescient Assurance. Monthly certification reports will be made public, ensuring transparency and confidence in the stablecoin’s backing.
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Important:Â 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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