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Binance, the world’s largest cryptocurrency exchange by trading volume, announced it will add new trading pairs, including XRP and Dogecoin matched with First Digital USD (FDUSD), starting Sept. 7 at 08:00 UTC.
This announcement comes alongside the addition of other trading pairs like TOMO/TRY, and UNFI/TRY.
Diverse use cases
Introduced in June 2023, FDUSD is a reserve-backed stablecoin issued by FD121 Limited, a subsidiary of Hong Kong-based financial firm First Digital Limited.
The stablecoin operates on both Ethereum and BNB Chain networks.
First Digital USD is designed to maintain a stable value, backed by an equivalent amount of cash or cash equivalents, held in reserves by its custodian, First Digital Trust Limited.
FDUSD offers various use-cases including efficient cross-border remittances, payment solutions, and utility in decentralized finance (DeFi) applications.
Waiving fees
Binance recently added First Digital's FDUSD stablecoin to its trading lineup and is offering zero trading fees for Bitcoin and Ether paired with FDUSD. This move comes as part of Binance's strategy to diversify stablecoin trading volumes, especially after regulatory issues impacted its Binance USD (BUSD) earlier this year. The exchange also waived fees for TrueUSD (TUSD) trading.