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Binance has expanded XRP support by pairing the cryptocurrency with a newly introduced stablecoin.
Binance, the world’s largest crypto exchange by 24-hour trading volume, has expanded its support for XRP. Per an announcement today, Binance will extend XRP spot trading support by adding the XRP/FDUSD pair to its platform.
Notably, the XRP/FDUSD pair will open for trading on September 7, 2023, at 08:00 (UTC).
FDUSD Now the 11th Largest Stablecoin
The First Digital USD (FDUSD) is a newly-introduced dollar-pegged stablecoin. The stablecoin was launched in June by a subsidiary firm of First Digital, a Hong Kong-headquartered custodian company.
The stablecoin is backed by cash and other cash equivalents. At press time, FDUSD is live on Ethereum and BNB Chain Networks. Interestingly, plans are on the way to issue the stablecoin on other blockchains.
Although it was introduced in June, FDUSD is ranked as the 11th largest stablecoin with a market capitalization of $393,709,751 ($393.7M), according to data from CoinGecko.
FDUSD’s valuation is expected to surge in the coming weeks following Binance’s decision to pair XRP with the stablecoin.
Binance Introduces New Trading Pairs
Aside from XRP, Binance has also paired FDUSD with other popular cryptocurrencies, including Solana (SOL) and Dogecoin (DOGE).
Binance will also open trading for SOL/FDUSD and DOGE/FDUSD by tomorrow at 08:00 (UTC). In addition, the leading exchange will also open trading for TOMO/TRY and UNFI/TRY pairs around the same time.
According to the announcement, Binance users will enjoy zero maker fees on the newly added FDUSD trading pairs. However, the exchange did not extend the generosity to the newly added TRY pairs.
Binance Now Offers 14 Spot XRP Pairs
With the addition of the XRP/FDUSD pair, Binance now offers 14 spot trading pairs for XRP. Some of the exchange’s popular XRP spot pairs include XRP/USDT, XRP/BUSD, XRP/BTC, XRP/ETH, XRP/TUSD, and XRP/BNB.
The announcement comes days after it was reported that Binance users are buying huge volumes of XRP.
As reported by The Crypto Basic, Binance recorded the second-highest XRP buying pressure last month. Binance closely followed San Francisco-based exchange Coinbase in the ranking.
At the time of writing this line, XRP was trading at $0.503, down 0.4% over the past 24 hours.