Binance Adds XRP, Dogecoin Support For New USD Stablecoin

Binance, the world’s largest crypto exchange by trading volume, announced it is adding support for trading some of the most popular cryptocurrencies with the First Digital USD (FDUSD) stablecoin pairing. In June 2023, FDUSD was launched by Hong Kong headquartered custodian and trust company First Digital, in the backdrop of Hong Kong initiating a new crypto regulatory regime on June 1, 2023 in its pursuit to become a major crypto hub in the region.

Also Read: Bitcoin (BTC) Price Stalls as US Dollar Hits 8th Weekly Gain, Calls for Concern?

In addition to the Hong Kong cause, the US dollar pegged stablecoin is being offered with zero trading fee on Binance. In the context of the uncertainty and regulatory concerns around stablecoins, FDUSD comes across as being backed by high-quality reserves in cash and cash equivalents. The Hong Kong Monetary Authority (HKMA) monitors the licensing and regulatory standards around the stablecoin operations.

Binance Adds DOGE/FDUSD, XRP/FDUSD Trading Pairs

Considering the growth potential of the stablecoin, this would be a welcome move from Binance. With a ranking of 215 among major cryptocurrencies, FDUSD currently has a market cap of $382 million as against Tether USDt’s (USDT) $83 billion. The crypto exchange said the following trading pairs will be open for trading on the platform from September 7, 2023:

DOGE/FDUSD, SOL/FDUSD, TOMO/TRY, UNFI/TRY and XRP/FDUSD

Binance added that users will continue to have access to the trading with zero maker fees feature on the newly added FDUSD trading pairs.

Also Read: XRP Lawyer: US SEC Hiding Secret Howey Memo To Protect Itself

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Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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