Monday, December 16, 2024
Social icon element need JNews Essential plugin to be activated.
No Result
View All Result
No Result
View All Result

Binance lists new zero trading fee stablecoin, halts shortly after on technical issues

sara by sara
July 26, 2023
in Press release
0
Binance lists new zero trading fee stablecoin, halts shortly after on technical issues

[ad_1]

The lately launched stablecoin, FDUSD, which was scheduled to be listed on Binance on July 26, 2023, at 08:00 (UTC), enabling buying and selling for FDUSD/BUSD and FDUSD/USDT spot and margin buying and selling pairs has now been postponed to restart at 2023-07-26 14:00 (UTC) as a result of FDUSD pairs’ liquidity suppliers experiencing technical points.

Binance launched a statement that it’s going to halt buying and selling for First Digital USD (FDUSD) on 2023-07-26 09:45 (UTC) and cancel all pending FDUSD orders, to make sure its customers’ safety. First Digital Group announced the launch of the First Digital USD United States dollar-pegged stablecoin on June 1.

First Digital Group, comprising First Digital Belief, a custodian and belief agency primarily based in Hong Kong said the upcoming debut and itemizing of its stablecoin, First Digital USD (FDUSD), issued by FD121, can be on Binance. The announcement was made on July 26, 2023.

Screenshot of postponement announcement by Binance. Supply: Binance

In accordance with the statement, The FDUSD is fully backed by cash and cash equivalents, held in segregated accounts within regulated financial institutions. Independent third parties regularly monitor and audit these reserves. The FDUSD is designed to be redeemed at a 1:1 value in U.S. dollars.

Stablecoins are a class of cryptocurrencies that attempt to offer investors price stability either by being backed by specific assets or using algorithms to adjust their supply based on demand.

The announcement states that the FDUSD is not only intended to be a programmable digital asset but also capable of interaction with financial smart contracts, escrow companies and insurance coverage with out the necessity for intermediaries. Moreover, FDUSD’s compatibility with Web3 technologies permits the opportunity of creating options sooner or later and additional integrating with on a regular basis transactions.

Associated: USD-backed stablecoin pilot project launched by Pacific island nation of Palau

In recognition of the launch, Binance is rolling out a promotion providing zero maker charges for all FDUSD buying and selling pairs. All through the promotional interval, all customers can make the most of zero maker charges on current FDUSD spot trading pairs and any new FDUSD spot and margin trading pairs.

Journal: Yuan stablecoin team arrested, WeChat’s new Bitcoin prices, HK crypto rules: Asia Express