Binance Launches FDUSD as BUSD Fades Gradually: How Does the New Stablecoin Fare?

The exchange's recent announcement about discontinuing support for Binance US Dollar (BUSD) goods has prepared the way for creating a new stablecoin, First Digital USD (FDUSD), in a significant move.

Timeline of Binance-usd, First-digital-usd

The world's largest exchange, Binance, has announced plans to delist eight Binance USD (BUSD) trading pairs as the company looks to withdraw full support of the stablecoin by 2024. This follows increased regulatory pressure on the stablecoin in 2023, which has led to a drastic decline in its market share so far.

For the first time in months, the entire list of top ten stablecoin assets has experienced supply shrinkage in the last 30 days. The stablecoin market now stands at $124 billion, following notable reductions across several projects.

The total market cap of stablecoins has been on a continuous decline for 17 months, now standing at $124 billion, its lowest level since August 2021, according to CCData. The data aggregator highlighted a broader impact of the decline in stablecoin's monthly trading volume.

Binance will stop trading for specific pairs like REN/BUSD on August 18, suggesting liquidity issues. Trading bot support for delisted pairs concludes on August 18, urging users to act to avoid losses.

Key Points: Binance has unveiled exciting updates for its Cross Margin and Isolated Margin platforms. The addition of FDUSD, a new borrowable asset, marks a significant expansion of Binance's margin offerings.

Tether CTO, Paolo Ardoino, has raised speculation by tweeting a cryptic message. Amid increased stablecoin launches, Ardoino has questioned the legitimacy of recent market movements without naming a particular coin.

In a recent turn of events, the cryptocurrency world has been introduced to two stablecoins anchored to the U.S. dollar — Aave's gho (GHO) and First Digital's stablecoin FDUSD. These dollar-tied tokens have rapidly gained momentum, witnessing substantial growth in market capitalization soon after their debut.

First Digital Group, which includes First Digital Trust, one of Asia's leading qualified custodians and a registered trust company headquartered in Hong Kong, announces that its stablecoin, First Digital USD (FDUSD), “issued under the entity FD121, will debut and list on Binance, the world's largest

As the stablecoin market economy witnessed a loss exceeding $3 billion within a 40-day span, several fresh stablecoin endeavors are emerging. Binance, the globe's leading exchange by trade volume, unveiled three new trading pairs attached to a stablecoin labeled first digital usd (FDUSD) in a recent blog post.

Hong Kong-based First Digital Group announced on July 26 that its stablecoin, First Digital USD (FDUSD), has been listed on Binance, the world's largest cryptocurrency exchange by volume.