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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.