Binance launches zero fee promotion for FDUSD trading pairs
Binance has announced the launch of a zero-fee promotion for several trading pairs. Starting December 8, users will be able to benefit from zero fees on both margin and spot markets in trading with the new stablecoin — First Digital USD (FDUSD).
Zero fees apply to SOL/FDUSD, ETH/FDUSD, LINK/FDUSD, BNB/FDUSD, DOGE/FDUSD, and XRP/FDUSD pairs. The end time of this promotional offer is yet to be disclosed.
First Digital USD (FDUSD), introduced by First Digital Group in June, currently holds the sixth position among stablecoins, having a market capitalization of $1.07 billion. Thus, Binance continues to support little-known stablecoins after the successful introduction of True USD (TUSD) in March.
Earlier, Binance encountered legal challenges concerning its Binance USD (BUSD) stablecoin. This year, the U.S. Securities and Exchange Commission initiated a lawsuit against BUSD’s issuer, Paxos Trust. Consequently, the New York State Department of Financial Services ordered to cease minting BUSD. Additionally, Binance faced a substantial fine for violating several U.S. laws, and its CEO Changpeng Zhao had to step down from the position of the company’s head.
Despite not a very good start, the capitalization of BUSD reached $23.5 billion in November 2022. However, this growth was short-lived as it plummeted by 30% at the beginning of 2023. Recently, Binance made an announcement, declaring the discontinuation of support for BUSD from December 15. The exchange will convert customer balances to FDUSD.
That way, the exchange strives to offer more sustainable and promising stablecoins, ensuring enhanced security and favourable conditions for its clients.
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