The listing of the stablecoin FDUSD on Binance, which was originally set to take place on July 26, 2023, has been postponed due to technical issues experienced by the liquidity providers for FDUSD pairs. Binance announced that trading for First Digital USD (FDUSD) would be halted on July 26 at 09:45 UTC to ensure the protection of its users. All pending FDUSD orders will be canceled.
The launch of FDUSD was announced by First Digital Group on June 1. First Digital Group, which includes First Digital Trust, a custodian and trust firm based in Hong Kong, stated that the stablecoin would be issued by FD121 and listed on Binance. The debut and listing were scheduled for July 26, 2023.
FDUSD is a fully backed stablecoin, with its value tied to the US dollar. It is backed by cash and cash equivalents held in segregated accounts within regulated financial institutions. Regular monitoring and auditing of these reserves are conducted by independent third parties. The stablecoin is designed to be redeemed at a 1:1 value in US dollars.
Stablecoins are a type of cryptocurrency that aim to provide price stability either by being backed by specific assets or by using algorithms to adjust their supply based on demand.
The announcement regarding FDUSD highlights its programmable nature, allowing for interaction with financial smart contracts, escrow services, and insurance without the need for intermediaries. Additionally, FDUSD is compatible with Web3 technologies, opening up possibilities for future solutions and integration with everyday transactions.
To celebrate the launch of FDUSD, Binance is offering a promotion that eliminates maker fees for all FDUSD trading pairs. During the promotional period, users can take advantage of zero maker fees on existing FDUSD spot trading pairs as well as any new FDUSD spot and margin trading pairs.
In conclusion, the listing of FDUSD on Binance has been postponed due to technical issues faced by the liquidity providers. FDUSD is a fully backed stablecoin tied to the US dollar and offers programmability and compatibility with financial smart contracts and Web3 technologies. Binance is running a promotion with zero maker fees for FDUSD trading pairs.
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