Binance, the world’s largest cryptocurrency exchange, has recently made a significant move to increase their market share by announcing zero-free trading of Bitcoin and Ethereum with spot and margin pairs in the newly added FDUSD stablecoin. This decision comes after Binance ended zero-fee trading for all trading pairs except TrueUSD (TUSD) in March. TUSD has put constant pressure on crypto prices, including Bitcoin (BTC) and Ethereum (ETH). Here are the details…
New listing for FDUSD from Binance
cryptocoin.com As we have reported, Binance, the largest cryptocurrency exchange, made a new announcement. It adds spot and margin trading pairs with Bitcoin and Ethereum, as well as FDUSD, according to its announcement on Aug. It initiates zero-fee trading for the BTC/FDUSD trading pair. Users will be able to take advantage of zero maker and taker fees for spot and margin trading of BTC/FDUSD starting August 4th at 11:00 am. Also, while users can trade with ETH/FDUSD with zero maker fee, standard taker fee will be applied depending on the VIP level of the user. A notable advantage for users trading on BTC/FDUSD spot and margin trading pairs is that trading volume will be excluded from the VIP tier volume calculation and all liquidity providers program.
This move aims to improve the trading experience of users and provide them with more incentives to use the newly introduced trading pairs. However, it is important to note that BNB discounts, referral discounts and other adjustments will not apply to BTC/FDUSD spot and margin trading pairs during this promotional period. This means that the zero fee promotion is specifically aimed at increasing trading volumes for these particular pairs. Binance’s decision to end its zero-fee Bitcoin trading program and BUSD zero-maker fee promotion earlier this year caused the exchange’s market share to drop significantly, dropping to a one-year low of 53.7%. Factors such as regulatory pressure and low trading volumes contributed to this decline.
FDUSD is fairly new to the cryptocurrency market
The launch of the First Digital USD (FDUSD) stablecoin, backed by Hong Kong-based custody and trust firm First Digital, has given the crypto market cap of $257 million, which is relatively low compared to other stablecoins such as USDT, TUSD, BUSD, and USTC. may not have an immediate impact on the market. However, with Binance’s potential to mint new FDUSD in response to demand, there could be a significant increase in market value over time. Despite market challenges and competition, Binance remains the best exchange for Bitcoin trading, with BTC/TUSD and BTC/USDT being the most traded pairs, accounting for 14.80 percent and 6.88% of trading volume respectively.
