Binance listed a new stablecoin and immediately stopped trading
Date: 2023-07-27 Author: Karina Ziganova Categories: BLOCKCHAIN, BUSINESS
Binance, the largest cryptocurrency exchange, announced the listing of a new stablecoin Digital USD (FDUSD) with zero fees, but then temporarily stopped trading.
The crypto platform announced the listing of a new "stablecoin" on July 26 with BNB/FDUSD, FDUSD/BUSD, and FDUSD/USDT trading pairs.
To celebrate the launch of the new token, Binance unveiled a promotion that entitles users to zero maker fees on all FDUSD spot trading pairs, as well as any new FDUSD spot and margin trading pairs.
"Due to technical issues with FDUSD liquidity providers, we will stop trading First Digital USD (FDUSD) <...> and cancel all pending orders on FDUSD to provide maximum protection for our users," the platform said in a statement.
How FDUSD works
Last month, Hong Kong-based trust company First Digital launched the dollar-based stablecoin FDUSD on the Ethereum and BNB Chain networks. However, unlike other similar tokens, this stablecoin will be regulated by Asian regulatory authorities. The launch of FDUSD was a response to the regulatory pressure experienced by similar crypto projects in the United States.
The developers claim that FDUSD will become a reliable digital currency aimed at reducing the impact of volatility in the cryptocurrency market, increasing the efficiency of financial transactions by reducing transaction costs and faster and more secure transactions. In addition, stablecoin reserves are audited by independent third parties, such as Prescient Assurance.
Stablecoin capitalization is falling
At the same time, in July, the market capitalization of stablecoins reached its lowest level in almost two years - since August 2021. The dominance of these tokens also declined, amounting to 10.3% compared to 10.5% in June.
Of the top ten stablecoins, the Pax Dollar (USDP) took the brunt. The token fell 43.1% to $563 million in July. This is the lowest figure since December 2020. At the same time, the largest stablecoin by market capitalization, Tether (USDT), reached an all-time high level of market capitalization of $83.8 billion.
