The First Digital Group’s FDUSD stablecoin is now listed on the Binance exchange with no transaction fees.
Last month, First Digital Group, which comprises First Digital Trust, a registered trust company headquartered in Hong Kong, announced its First Digital USD (FDUSD) stablecoin pegged to the US dollar.
Binance, the world’s largest cryptocurrency exchange by trading volume, has announced that the stablecoin FDUSD, issued by the entity FD121, will be listed on Binance.
Zero Trading Cost For FDUSD
In celebration of the inauguration, Binance offers FDUSD trading pairs with no maker fees. During the offer period, all clients will be eligible to receive zero maker charges on all FDUSD spot trading pairs, as well as any new FDUSD spot and margin trading pairs.
The FDUSD is supported by high-quality cash and currency equivalent reserves, which provides a 1:1 guarantee. It is held in separate accounts at licensed financial institutions and managed and audited by third parties.
The FDUSD is designed to be interchangeable with US dollars of equal value. In a time of increasing uncertainty and volatility, the stablecoin pegged to the US dollar offers diversification and exceptional stability against the effects of central bank policy.
According to Binance’s announcement, FDUSD is supported by high-quality reserves (cash and currency equivalents), allowing users to trade FDUSD tokens for US dollars or their equivalent in other currencies.
Users can always rely on FDUSD to maintain a 1:1 exchange rate with the US dollar. This demonstrates First Digital’s commitment to conducting business securely and transparently, boosting user confidence in the stablecoin.
Currently, there are only 10,11 million FDUSD in circulation, and nearly all of them (over 99.9%) are stored in Binance wallet addresses. Support for additional blockchains is forthcoming. FDUSD is currently supported on Ethereum and BNB Chain.
Stablecoin Discussion In Hong Kong
According to Hong Kong’s regulations, stablecoins cannot be publicly transacted by retail investors. According to the regulatory framework of the Hong Kong Monetary Authority (HKMA) and financial authorities, stablecoins can be issued in both authorized and non-authorized institutions so long as they adhere to licensing and regulatory requirements.
First Digital Trust’s First Digital USD (FDUSD) could play a role in resolving issues associated with stablecoins backed by reliable reserves and security, which is a fascinating possibility.
