Binance, the world’s largest cryptocurrency exchange, has officially listed the First Digital USD (FDUSD) stablecoin. In conjunction with the listing, Binance is providing an incentive of zero trading fees for selected pairs of the newly introduced asset, albeit for a limited time.
Zero Trading Fees for Selected Pairs
In particular, Binance has waived the maker fees for BNB, USDT, and BUSDT spot trading pairs, along with any FDUSD spot or margin trading pairs. Moreover, the exchange won’t levy taker fees on spot and margin trading pairs with BUSD and USDT.
However, shortly after the listing, technical issues emerged, leading the exchange to temporarily halt trading.
Hiccups and Comebacks
Despite the recent challenges it faced in the United States, including a series of legal actions, Binance has not let these hurdles hinder its ongoing progress. Today marks yet another step forward with the official listing of the new FDUSD stablecoin, accompanied by the zero trading fee incentive.
But the listing was not without its hitches. Immediately following the new stablecoin’s debut, technical problems forced Binance to suspend trading. The exchange revealed that issues with the stablecoin’s liquidity providers were the cause of this trading pause.
Following the halt, Binance announced that trading of the asset would recommence at 9 a.m. EST. Furthermore, the zero trading fee offer is set to continue until the exchange decides otherwise.
The Bigger Picture
The introduction of FDUSD reminds many of the recent addition of TUSD trading pairs just last month.
In an unexpected turn of events, Binance’s own stablecoin had to cease issuing due to a directive from the New York Department of Financial Services to issuer Paxos. This led to the exchange’s decision to shift away from BUSD as a primary pair.
The FDUSD listing on Binance could undoubtedly prove beneficial. The stablecoin is issued by First Digital Labs, a company based in Hong Kong.
