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Binance introduces new zero fee stablecoin, halts trading due to technical issues

The highly anticipated listing of the stablecoin FDUSD on Binance has been delayed due to technical issues experienced by the liquidity providers of FDUSD pairs. The trading was originally scheduled to begin on July 26, 2023, at 08:00 (UTC). However, Binance has now announced that the trading will restart at 2023-07-26 14:00 (UTC) to ensure the smooth functioning and protection of its users.

Binance released a statement detailing the delay and the measures taken to safeguard its users. The trading for First Digital USD (FDUSD) was halted on 2023-07-26 09:45 (UTC), and all pending FDUSD orders were canceled. This decision was made to prioritize the users’ protection in light of the technical issues faced by FDUSD pairs’ liquidity providers. The FDUSD stablecoin was launched by First Digital Group on June 1, and it is pegged to the United States dollar.

First Digital Group, which consists of First Digital Trust, a custodian and trust firm based in Hong Kong, had previously announced that the debut and listing of FDUSD would take place on Binance. The launch was highly anticipated, and the listing on Binance was seen as a major milestone for First Digital Group’s stablecoin. The announcement of the listing was made on July 26, 2023.

The statement released by Binance confirms that FDUSD is fully backed by cash and cash equivalents held in segregated accounts within regulated financial institutions. These reserves are regularly monitored and audited by independent third parties. The aim of FDUSD is to provide price stability and the ability to redeem the stablecoin at a 1:1 value in U.S. dollars.

Stablecoins, such as FDUSD, are a type of cryptocurrency that aim to offer investors price stability. They achieve this either by being backed by specific assets or by using algorithms to adjust their supply according to demand. In addition to being a programmable digital asset, FDUSD is designed to interact with financial smart contracts, escrow services, and insurance without the need for intermediaries. It is also compatible with Web3 technologies, allowing for future solutions and integration with everyday transactions.

To celebrate the launch of FDUSD, Binance has introduced a promotion offering zero maker fees for all FDUSD trading pairs. During this promotional period, users can take advantage of zero maker fees on existing FDUSD spot trading pairs as well as any new FDUSD spot and margin trading pairs.

In conclusion, the listing of the FDUSD stablecoin on Binance has been temporarily postponed due to technical issues faced by its liquidity providers. Binance has taken measures to protect its users and ensure a smooth trading experience. FDUSD, backed by cash and cash equivalents, is designed to provide price stability and enable various financial interactions without relying on intermediaries. The promotion of zero maker fees on FDUSD trading pairs further enhances the launch of this highly anticipated stablecoin.

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