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

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The just lately launched stablecoin, FDUSD, which was scheduled to be listed on Binance on July 26, 2023, at 08:00 (UTC), enabling buying and selling for FDUSD/BUSD and FDUSD/USDT spot and margin buying and selling pairs has now been postponed to restart at 2023-07-26 14:00 (UTC) because of FDUSD pairs’ liquidity suppliers experiencing technical points.

Binance launched a statement that it’ll halt buying and selling for First Digital USD (FDUSD) on 2023-07-26 09:45 (UTC) and cancel all pending FDUSD orders, to make sure its customers’ safety. First Digital Group introduced the launch of the First Digital USD United States dollar-pegged stablecoin on June 1.

First Digital Group, comprising First Digital Belief, a custodian and belief agency based mostly in Hong Kong said the upcoming debut and itemizing of its stablecoin, First Digital USD (FDUSD), issued by FD121, can be on Binance. The announcement was made on July 26, 2023.

Screenshot of postponement announcement by Binance. Supply: Binance

In line with the assertion, The FDUSD is totally backed by money and money equivalents, held in segregated accounts inside regulated monetary establishments. Impartial third events usually monitor and audit these reserves. The FDUSD is designed to be redeemed at a 1:1 worth in U.S. {dollars}.

Stablecoins are a category of cryptocurrencies that try to supply traders value stability both by being backed by particular property or utilizing algorithms to regulate their provide based mostly on demand.

The announcement states that the FDUSD is just not solely supposed to be a programmable digital asset but additionally able to interplay with financial smart contracts, escrow services and insurance without the need for intermediaries. Furthermore, FDUSD’s compatibility with Web3 technologies enables the possibility of creating solutions in the future and further integrating with everyday transactions.

Related: USD-backed stablecoin pilot project launched by Pacific island nation of Palau

In recognition of the launch, Binance is rolling out a promotion offering zero maker fees for all FDUSD trading pairs. Throughout the promotional period, all users can take advantage of zero maker fees on existing FDUSD spot trading pairs and any new FDUSD spot and margin trading pairs.

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