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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.