Binance lists new zero trading fee stablecoin, halts shortly after on technical issues

Spread the love

The recently introduced stablecoin, FDUSD, which was scheduled to be listed on Binance on July 26, 2023, at 08:00 (UTC), enabling trading for FDUSD/BUSD and FDUSD/USDT spot and margin trading pairs has now been postponed to restart at 2023-07-26 14:00 (UTC) due to FDUSD pairs’ liquidity providers experiencing technical issues.

Binance released a statement that it will halt trading for First Digital USD (FDUSD) on 2023-07-26 09:45 (UTC) and cancel all pending FDUSD orders, to ensure its users’ protection. First Digital Group announced the launch of the First Digital USD United States dollar-pegged stablecoin on June 1.

First Digital Group, comprising First Digital Trust, a custodian and trust firm based in Hong Kong said the upcoming debut and listing of its stablecoin, First Digital USD (FDUSD), issued by FD121, would be on Binance. The announcement was made on July 26, 2023.

Screenshot of postponement announcement by Binance. Source: Binance

According to the statement, The FDUSD is fully backed by cash and cash equivalents, held in segregated accounts within regulated financial institutions. Independent third parties regularly monitor and audit these reserves. The FDUSD is designed to be redeemed at a 1:1 value in U.S. dollars.

Stablecoins are a class of cryptocurrencies that attempt to offer investors price stability either by being backed by specific assets or using algorithms to adjust their supply based on demand.

The announcement states that the FDUSD is not only intended to be a programmable digital asset but also capable of interaction with financial smart contracts, escrow services and insurance without the need for intermediaries. Furthermore, FDUSD’s compatibility with Web3 technologies enables the possibility of creating solutions in the future and further integrating with everyday transactions.

Related: USD-backed stablecoin pilot project launched by Pacific island nation of Palau

In recognition of the launch, Binance is rolling out a promotion offering zero maker fees for all FDUSD trading pairs. Throughout the promotional period, all users can take advantage of zero maker fees on existing FDUSD spot trading pairs and any new FDUSD spot and margin trading pairs.

Magazine: Yuan stablecoin team arrested, WeChat’s new Bitcoin prices, HK crypto rules: Asia Express