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

The precocious introduced stablecoin, FDUSD, which was scheduled to beryllium listed connected Binance connected July 26, 2023, astatine 08:00 (UTC), enabling trading for FDUSD/BUSD and FDUSD/USDT spot and borderline trading pairs has present been postponed to restart astatine 2023-07-26 14:00 (UTC) owed to FDUSD pairs’ liquidity providers experiencing method issues.

Binance released a statement that it volition halt trading for First Digital USD (FDUSD) connected 2023-07-26 09:45 (UTC) and cancel each pending FDUSD orders, to guarantee its users' protection. First Digital Group announced the motorboat of the First Digital USD United States dollar-pegged stablecoin connected June 1.

First Digital Group, comprising First Digital Trust, a custodian and spot steadfast based successful Hong Kong said the upcoming debut and listing of its stablecoin, First Digital USD (FDUSD), issued by FD121, would beryllium connected Binance. The announcement was made connected July 26, 2023.

Screenshot of postponement announcement by Binance. Source: Binance

According to the statement, The FDUSD is afloat backed by currency and currency equivalents, held successful segregated accounts wrong regulated fiscal institutions. Independent 3rd parties regularly show and audit these reserves. The FDUSD is designed to beryllium redeemed astatine a 1:1 worth successful U.S. dollars.

Stablecoins are a people of cryptocurrencies that effort to connection investors terms stableness either by being backed by circumstantial assets oregon utilizing algorithms to set their proviso based connected demand.

The announcement states that the FDUSD is not lone intended to beryllium a programmable integer plus but besides susceptible of enactment with financial astute contracts, escrow services and security without the request for intermediaries. Furthermore, FDUSD's compatibility with Web3 technologies enables the anticipation of creating solutions successful the aboriginal and further integrating with mundane transactions.

Related: USD-backed stablecoin aviator task launched by Pacific land federation of Palau

In designation of the launch, Binance is rolling retired a promotion offering zero shaper fees for each FDUSD trading pairs. Throughout the promotional period, each users tin instrumentality vantage of zero shaper fees connected existing FDUSD spot trading pairs and any caller FDUSD spot and margin trading pairs.

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