Binance Adds XRP Trading Pair With FDUSD, Stablecoin From Hong Kong

Binance crypto exchange add new trading pairs. (Photo; Doc. CoinTribune)

JAKARTA - Binance, one of the world's leading cryptocurrency exchanges, has announced an important step by adding support for trading some of the most popular cryptocurrencies with First Digital USD (FDUSD) stablecoin pairing.

Sebagai informasi tambahan, FDUSD diluncurkan oleh perusahaan kustodian yaitu First Digital yang berbasis di Hong Kong pada bulan Juni 2023. Kini FUSD tersedia untuk perdagangan di Binance.

It is important to note that Hong Kong recently introduced a new crypto regulation on June 1, 2023, with efforts to become a major hub in the crypto world in the region. FDUSD, as a stablecoin whose value is set at US dollar prices, is also offered free of trading costs in Binance. This is claimed to be able to provide flexibility to users.

FDUSD distinguishes itself from other stablecoins with its support from the Hong Kong Monetary Authority (HKMA) as well as high-quality reserves in cash and cash equivalents. This gives confidence to users that this cryptocurrency operates within the framework of strong regulation.

In anticipation of the growth potential of FDUSD, Binance has opened trades for some of the leading cryptocurrency pairs with these stablecoins. Users can start trading on September 7, 2023 with zero creator fees on the newly added FDUSD trading pair.

So far, FDUSD has managed to reach a market cap of around IDR 5.8 trillion, placing it at 215 among major cryptocurrencies. While this is still far from the market capitalization of Tether USDt (USDT) which reached IDR 1.2 quadrillion, Binance's move to support FDUSD reflects the importance of this stablecoin in the cryptocurrency ecosystem and its potential for further growth.