- Binance, the world’s largest cryptocurrency exchange, announces support for Bitcoin
and Ether pairs for FDUSD.
- FDUSD, a stable coin issued by Hong Kong-based First Digital Labs, can be exchanged on a 1:1 ratio with real dollars.
- Following a change in stable coin policy after the New York Financial Services Department ordered Paxos to halt BUSD issuance, Binance is reducing BUSD transactions and delisting several pairs for this stable coin.
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Binance, the leading cryptocurrency exchange, has announced its plans to support Bitcoin and Ether pairs for FDUSD, a stable coin issued by First Digital Labs. The exchange is also reducing BUSD transactions following a policy change triggered by an order from the New York Financial Services Department to Paxos to halt BUSD issuance.
Support for Bitcoin and Ether Pairs
Binance, known as the largest cryptocurrency exchange globally, has made a significant announcement. The exchange has stated that it will support Bitcoin and Ether pairs for FDUSD, a move set to take effect from August 4. This development is expected to offer users more flexibility and options in their cryptocurrency transactions.
FDUSD: A Stable Coin by First Digital Labs
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FDUSD is a stable coin issued by the Hong Kong-based company, First Digital Labs. What sets this coin apart is its ability to be exchanged on a 1:1 ratio with real dollars. This feature offers users a sense of security and stability, as the coin’s reserves are held in separate bank accounts and regularly audited by third-party companies. Furthermore, the coin, which was initially issued on Ethereum and BNB Chain networks, is expected to receive support from more networks in the future.
Change in Binance’s Stable Coin Policy
It’s worth noting that Binance has recently undergone a shift in its stable coin policy. This change was triggered by an order from the New York Financial Services Department to Paxos, instructing the firm to halt the issuance of BUSD. As a result, Binance has reduced its BUSD transactions and delisted several pairs for this stable coin from its platform. However, the exchange continues to apply a zero commission policy on many transaction pairs with the TUSD stable coin.
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In conclusion, Binance’s recent announcements reflect the dynamic nature of the cryptocurrency market. As the exchange continues to adapt to regulatory changes and user needs, it remains committed to providing a diverse range of options for its users. The support for Bitcoin and Ether pairs for FDUSD and the changes in its stable coin policy are testament to this commitment.