Cryptocurrency exchange Binance on Thursday, August 3, announced the opening of trading pairs Bitcoin/First Digital USD (BTC/FDUSD) and Ethereum/First Digital USD (ETH/FDUSD) along with an upgraded zero-fee bitcoin. (BTC) and Ether (ETH) with the newly added FDUSD stablecoin spot and margin pairs.According to the announcement, starting from 08:00 UTC on August 4, users will receive zero maker and taker fees for BTC/FDUSD spot and margin trades through the zero-fee bitcoin trading program. In addition, users can trade ETH/FDUSD with zero maker fee while the standard taker fee will apply depending on the user’s VIP level.Trading volume for BTC/FDUSD spot and margin trading pairs is not included in the VIP tier volume calculation or liquidity provider programs, which enhances the trading experience for users.
“BNB discounts, referral rebates and any other adjustments will not apply to BTC/FDUSD spot and margin trading pairs during the promotion.“
The newly introduced First Digital USD (FDUSD) stablecoin, scheduled to list on Binance on July 26, 2023 at 08:00 UTC, has been delayed until 14:00 UTC on July 26 due to technical difficulties with liquidity providers for FDUSD pairs
Screenshot of Binance’s announcement of FDUSD pairs and zero-fee bitcoin trading. Source: Binance In March, Binance ended its zero-fee Bitcoin trading program and zero-fee Binance USD (BUSD) Promotion for Producers by switching from BUSD to the lesser-known stablecoin TrueUSD (TUSD) . This change, along with the exclusion of Tether (USDT) from the zero fee program, resulted in a significant drop in Binance’s market share and trading volumes of over 50%. Perhaps because of this, prices for cryptocurrencies such as BTC and ETH remained under pressure after the change. First Digital USD is backed by the Hong Kong-based depository and trust company First Digital. The group announced the launch of FDUSD pegged to the US dollar on June 1 . FDUSD’s $257 million market cap is still low compared to other stablecoins such as USDT, TUSD, BUSD, and TerraClassicUSD (USTC). So, it won’t have much of an impact on the crypto market right now, but minting new FDUSD amid demand from Binance could lead to a significant increase in market capitalization.