Binance talked about a new stablecoin called First Digital USD (FDUSD). He made an important announcement regarding the addition of this altcoin to the trading platform. The launch is scheduled for today, July 26, 2023 at 11:00 am. This will coincide with the introduction of several new spot trading pairs including FDUSD. Here are the details…
Binance shared its new listing announcement
cryptocoin.com As we have also reported, a new announcement came from Binance, one of the largest in terms of trading volume. New spot trading pairs available to users include BNB/FDUSD, FDUSD/BUSD, and FDUSD/USDT. This move aims to expand trading options and offer users more opportunities for portfolio diversification. Binance began accepting FDUSD deposits before the official listing date. This allowed users to start their trading activities ahead of time for FDUSD trading. However, users will have to wait until July 27, 2023 11:00 CEST to withdraw FDUSD.
To celebrate the launch of FDUSD, Binance is offering a special promotion that will get investors excited. All users will benefit from it during the promotional period, which will start on 26 July 2023 at 11:00 CEST. Because users will benefit from zero maker fees on all FDUSD spot trading pairs. This incentive is expected to encourage greater participation in FDUSD trading at no additional cost. Moreover, Binance is taking advantage of this opportunity to expand its zero maker and taker fee promotion to include USD stablecoin pairs. During the same promotional period, users will experience zero maker and taker fees on FDUSD/BUSD and FDUSD/USDT spot and margin trading pairs. This move further adds to the appeal of FDUSD trading. It aims to create a favorable trading environment for users.
What is FDUSD?
FDUSD, which stands for First Digital USD, operates under the First Digital Labs brand. It is a stablecoin issued by FD121 Limited. Stablecoin aims to provide users with a reliable cryptocurrency that minimizes the impact of market volatility. FDUSD is programmable and enables execution of financial contracts, escrow services and insurance without the need for intermediaries. What sets FDUSD apart is its 1:1 USD backed model, backed by high-quality reserves of cash and cash equivalents. This support ensures that each FDUSD token can be used for its equivalent value in US dollars, giving users greater confidence in the stability of the stablecoin.
To further increase transparency and trust, FDUSD’s reserve account is subject to regular audits by independent third parties such as Prescient Assurance. Attestation reports are available to the public each month and allow users to verify reserve details. Currently, FDUSD is available on both Ethereum and Binance Smart Chain (BNB Chain). There are plans to support additional Blockchains in the future.
