- Binance, the world’s largest cryptocurrency exchange, announced on Thursday zero transaction fee Bitcoin and Ethereum transactions with the newly added FDUSD stablecoin spot and margin pairs.
- Users will benefit from the zero fee structure for BTC/FDUSD spot and margin trading pairs starting from August 4th.
- In March, Binance ended its zero fee Bitcoin transaction program and the zero seller fee incentive for BUSD, and switched to the low market value stablecoin TrueUSD (TUSD) instead of BUSD.
Binance, the world’s largest cryptocurrency exchange, is launching a zero transaction fee campaign for its newly listed FDUSD stablecoin in BTC and ETH pairs.
Binance Launches FDUSD Campaign
Binance, the world’s largest cryptocurrency exchange, announced on Thursday zero transaction fee Bitcoin and Ethereum transactions with the newly added FDUSD stablecoin spot and margin pairs. The cryptocurrency, Bitcoin (BTC) and Ethereum (ETH) prices, came under pressure after Binance ended zero fee transactions for all trading pairs except TrueUSD (TUSD) at the end of March.
In today’s announcement, Binance revealed that it has added Bitcoin and Ethereum to the FDUSD spot and margin trading pairs and introduced zero fee transactions for the BTC/FDUSD trading pair. Users will benefit from the zero fee structure for BTC/FDUSD spot and margin trading pairs starting from August 4th. Additionally, users can make ETH/FDUSD transactions with standard buyer fees based on their VIP levels, while zero seller fees apply to ETH/FDUSD.
The trading volume for BTC/FDUSD spot and margin trading pairs is excluded from VIP level trading volume calculations and all Liquidity Provider programs. This provides users with a better trading experience. The exchange also stated the following;
“BNB discounts, referral rebates, and all other arrangements will not apply to BTC/FDUSD spot and margin trading pairs during the promotion period.”
In March, Binance ended its zero fee Bitcoin transaction program and the zero seller fee incentive for BUSD, and switched to the low market value stablecoin TrueUSD (TUSD) instead of BUSD. This caused Binance’s market share to drop by more than 50% and a significant decrease in trading volume.
Recently, COINOTAG reported that Binance’s market share has dropped to 53.7% and reached its lowest level in a year due to low trading volume and regulatory pressure.
Is This Positive for the Crypto Market?
First Digital USD (FDUSD) is backed by First Digital, a Hong Kong-based custodian and trust company. FDUSD’s market value of $257 million is still low compared to other stablecoins such as USDT, TUSD, BUSD, and USTC. Therefore, it may not have a significant impact on the cryptocurrency market at the moment, but it is believed that the demand from Binance could significantly increase the market value of the new FDUSD.
Binance remains the top exchange for Bitcoin trading. BTC/TUSD and BTC/USDT are the most traded pairs on Binance, accounting for 14.80% and 6.88% of the trading volume, respectively.
