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In a recent update, Binance, a leading cryptocurrency exchange, announced the addition of WBETH as a new collateral asset on both the Cross Margin and Isolated Margin platforms. This update also introduced several new trading pairs on Cross Margin and Isolated Margin, expanding the options available to traders.
One of the noteworthy additions is the XRP/FDUSD pair on Cross Margin, a move that has garnered positive reactions from the XRP community. This development reflects the broader acceptance of XRP within on global financial market.
Binance has added WBETH as a new collateral asset on Cross Margin and Isolated Margin, as well as new trading pairs on Cross Margin and Isolated Margin: BNB/FDUSD、SOL/FDUSD、XRP/FDUSD、WBETH/USDT、WBETH/ETH. https://t.co/RXHvC2r8i3
— Wu Blockchain (@WuBlockchain) October 9, 2023
This move comes at a time when major players in the crypto market are expanding their offerings. In a parallel development, Deribit, another prominent crypto exchange, has revealed plans to launch options trading on XRP starting in January next year. The decision aligns with Deribit's strategy to diversify trading opportunities and integrate popular cryptocurrencies like XRP, catering to the evolving needs of its user base.
What is FDUSD?
The introduction of FDUSD, a stablecoin developed by FD121 Limited, has been instrumental in this expansion. Operating on both Ethereum and BNB Chain networks, FDUSD maintains its stability by being backed by an equivalent amount of cash or cash equivalents held in reserves by its custodian.
This stability makes the stablecoin suitable for various applications, including cross-border remittances, payment solutions and decentralized finance ecosystems.