L’Binance’s adventure with Paxos’ BUSD only lasted 4 years. After US regulators requested the cessation of issuance of this stablecointhe CZ crypto exchange sets its sights on another cryptocurrency: First Digital USD (FDUSD). Seeing the recent news, Binance is preparing to promote it on its cryptocurrency exchange platform.
In short
- Binance launches new trading pairs for FDUSD
- Binance USD (BUSD) will soon be banned from its cryptocurrency exchange
Binance puts an end to BUSD, heading towards the crypto FDUSD
Legal challenges, regulatory issues, mass liquidation of cryptocurrencies… Binance reportedly on its way to joining the fallen crypto exchange FTX, according to skeptics. But in the eyes of Changpeng Zhao, boss of the most popular cryptocurrency exchange in the world, Binance is set to last.
“ Binance announced that it would open trading pairs DOGE/FDUSD, SOL/FDUSD, TOMO/TRY, UNFI/TRY and XRP/FDUSD on September 7, 2023. FDUSD is a new stablecoin in USD based in Hong Kong and backed by Binance. »
There official communication of Binance on this subject states that the trading peers mentioned in this tweet will be available tomorrow at 08:00 (UTC).
The CZ team took the opportunity to present TRY:
“ TRY is a fiat currency and does not represent any other digital currency. »
As for FDUSD trading, she provided these details:
“ Users will benefit from zero maker fees on FDUSD trading pairs until further notice. »
FDUSD, Binance’s new favorite crypto
Recently, Binance announced that its support for Paxos stablecoin BUSD will end in February 2024. On the occasion, the administration of this popular crypto exchange urged traders to convert their BUSD as soon as possible or risk to hold value-free cryptocurrencies in the near future.
However, a few days earlier, more precisely on August 26, Binance launched crypto spot trading pairs for FDUSD. To begin, the CZ team has authorized trading of the following cryptocurrency pairs: BNB/FDUSD, FDUSD/BUSD, and FDUSD/USDT.
In a way, crypto investors still holding BUSD received an invitation to get rid of this end-of-life digital currency to exchange it at “ digital dollar » nascent developed by First Digital Labs.
Moreover, the FDUSD presents characteristics worthy ofa stable and reliable cryptocurrency. Its developers also aim to reshape the global financial landscape alongside Binance.
Another advantage of this crypto: the absence of trading fees. Enough to motivate traders looking for new opportunities in this industry.
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