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Leading crypto exchange Binance has announced support for some of the most popular cryptocurrencies alongside its First Digital USD ($FDUSD) stablecoin pairing. According to the announcement, Binance will open trading for the DOGE/$FDUSD, SOL/$FDUSD, TOMO/TRY, UNFI/TRY, and XRP/$FDUSD, effective from September 7.
In June, First Digital, a Hong Kong-based custodian company launched $FDUSD, a stablecoin operating on Ethereum and BNB chain networks. This development aligned with the nation’s implementation of a new crypto regulatory framework on June 1, as part of its efforts to establish itself as a prominent crypto hub in the area.
On September 1, crypto analytics platform Messari reported that $FDUSD, with a market capitalization worth $382 million, is set to replace stablecoin $BUSD. Binance made the decision to gradually delist $BUSD’s functionalities including spot trading pairs. Moreover, the process was allegedly initiated in February on account of an order from the New York Department of Financial Services (NYDFS) pausing further $BUSD minting.
Binance announced that functionalities related to $BUSD, including spot trading pairs, will be gradually delisted. https://t.co/SCPglkWTBr
— Messari (@MessariCrypto) August 31, 2023
A few days ago, Binance published a document highlighting the option to manually convert users’ $BUSD balances into $FDUSD at a 1:1 ratio. Additionally, on September 5, TrustToken’s $TUSD exceeded $BUSD’s market supply for the first time.
Over the last three days, $TUSD’s supply surged by nearly 15.6%, reaching a total of over $3.4 billion. During the same period, $BUSD’s value fell to $2.74 billion, as indicated on Binance’s official website. Experts believe that Binance’s newly introduced $TUSD trading pairs and staking opportunities through its Launchpool program have emphasized the utility of Tether’s stablecoin.