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The First Digital USD (FDUSD) stablecoin has recorded a significant rise in its market cap following an announcement by the Binance exchange in August. <\/span>FDUSD, a dollar-pegged stablecoin, was recently launched on June 1, 2023, debuting on the Ethereum network and the BNB Smart Chain. The token was officially listed for specific trading pairs on the crypto exchange in July.<\/span><\/p>\n On August 31, Binance confirmed reports<\/a> of intention to halt support for Binance USD (BUSD) stablecoin following the regulatory embargo on the token\u2019s issuance.<\/span><\/p>\n Back in March, <\/span>The New York Department of Financial Services (NYDFS)<\/span> had ordered Paxos Trust, the issuing company of BUSD, to cease minting the stablecoin. Since then, BUSD\u2019s market supply has taken a nosedive, crashing by over 80%<\/a> in the last eight months.\u00a0<\/span><\/p>\n According to an official post, the exchange will begin the gradual termination of all BUSD products on its platform, urging its 150 million customers<\/a> to swap their BUSD tokens for other assets before February 2024.\u00a0<\/span><\/p>\n In particular, the crypto exchange encouraged users to convert their BUSD to FDUSD, touting incentives such as zero trading fees and a 1:1 direct swap ratio.\u00a0<\/span><\/p>\n According to data from CoinMarketCap<\/a>, FDUSD\u2019s market cap value has grown by 21.49% from August 31, rising from $324.75 million to its current value of $394.68 million.<\/span><\/p>\n This indicates that Binance\u2019s promotion of FDUSD as a BUSD alternative is paying dividends, resulting in a rapid rise in the former\u2019s adoption over the last few days.\u00a0<\/span><\/p>\n For context, the market cap metric represents the total value of a cryptocurrency based on its market price and the number of circulating tokens. Since FDUSD is a stablecoin with a fixed value of $1, CoinMarketCap\u2019s data means that over 70 million FDUSD tokens entered circulation over the past week.\u00a0<\/span><\/p>\n In addition, according to the DeFi analytics platform, DeFiLlama, FDUSD now ranks as the ninth largest stablecoin in the crypto market ahead of other popular assets such as Gemini USD (GUSD).\u00a0<\/span><\/p>\n<\/p>\n In other news, Binance unveiled<\/a> three new FDUSD trading pairs on September 6, maintaining its stablecoin support.\u00a0<\/span><\/p>\n These trading pairs are DOGE\/FDUSD, SOL\/FDUSD, and XRP\/FDUSD, which will become available for trading on September 7 at exactly 08:00 UTC.<\/span><\/p>\n This move comes a week after Binance announced the \u201cgradual\u201d discontinuation of its support for the BUSD token while directing users to convert their BUSD token to other assets. <\/span>The exchange has begun discontinuing by delisting eight BUSD isolated and cross-margin pairs.<\/a><\/span><\/p>\nBinance\u2019s Directive Drives Adoption Of FDUSD\u00a0<\/span><\/h2>\n
FDUSD valued at $0.9992 on the hourly chart | Source: FDUSDUSDT chart on Tradingview.com<\/a><\/pre>\n
Binance Announces New FDUSD Trading Pairs<\/span><\/h2>\n