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Binance Boosts First Digital's Stablecoin With Zero Fees to Buy and Sell Bitcoin, Ether
The crypto exchange listed the Hong Kong-regulated First Digital's FDUSD stablecoin last week.
Updated Aug 3, 2023, 3:54 p.m. Published Aug 3, 2023, 3:54 p.m.
Binance, the world's largest crypto exchange, will open trading in bitcoin (BTC) and ether (ETH) with First Digital's FDUSD stablecoin with zero fees beginning tomorrow, according to a blog post.
More specifically, all trading fees will be waived for BTC/FDUSD, and maker fees will be 0% on ETH/FDUSD until further notice as part of Binance's campaign.
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The listing comes as Binance is aiming to diversify trading volumes between stablecoin pairs following this year's regulatory clampdown on Binance USD (BUSD), with New York state regulators forcing BUSD issuer Paxos to halt issuing the stablecoin in February.
Following that action, Binance promoted trading with TrueUSD (TUSD) by waiving fees. TUSD trading volume mushroomed since and its market capitalization grew to nearly $3 billion.
Binance listed FDUSD on July 26 with zero trading fees to convert the token to other stablecoins including USDT and TUSD, indicating that the promotion would include all existing and new FDUSD trading pairs.
The FDUSD stablecoin is issued by a registered trust owned by First Digital under Hong Kong's digital asset rules.
Read more: First Digital Unveils USD Stablecoin as Hong Kong Crypto Rules Kick In
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