The trading pair between the First Digital USD stablecoin (FDUSD) and Binance hit an all-time high in spot trading volume on the exchange.
Trading pairs containing FDUSD accounted for 38% of Binance’s total spot trading volume on February 12, according to The Block Pro Data Dashboard. This is a 42.6% increase compared to the previous month.
FDUSD pairs are shared on Binance spot trading. Image: Block Pro Data Dashboard
“Considering that BTC/FDUSD is free to trade and most FDUSD pairs have no maker fees, we can expect FDUSD to gain some popularity on Binance,” said Rebecca Stevens, senior research analyst at The Block. .
“The official end of BUSD support on exchanges may have prompted some users to switch to new stablecoins,” she added.
FD121, a subsidiary of First Digital, a Hong Kong-based custody and trust company, launched FDUSD in June 2023. Binance listed FDUSD a month later and offered free trading fees.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.