The First Digital USD stablecoin, or FDUSD, and its trading pairs on Binance have reached the highest ever share of spot trading volume on the exchange.
Trading pairs containing FDUSD made up 38% of Binance’s total spot trading volume on Feb. 12, according to The Block Pro Data Dashboard. That’s a 42.6% increase compared to last month.
FDUSD pairs share on Binance spot trading. Image: The Block Pro Data Dashboard
“You’d expect to see FDUSD gain some popularity on Binance given that the BTC/FDUSD is free to trade and most FDUSD pairs have no maker fee,” said The Block senior research analyst Rebecca Stevens.
“The official end to support of BUSD on the exchange probably also motivated some users to convert into the newer stablecoin” she added.
FD121, a subsidiary of Hong Kong-based custodian and trust company First Digital, launched FDUSD in June 2023. Binance listed FDUSD a month later, offering zero trading fees for it.
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