Binance, the world’s leading cryptocurrency exchange by 24-hour trading volume, has announced its latest move to expand support for XRP by introducing the XRP/FDUSD trading pair. The addition of this new trading pair is set to enhance liquidity and provide users with more options for trading XRP.
XRP/FDUSD Trading Pair to Launch on September 7, 2023
Binance’s newly introduced XRP/FDUSD trading pair is scheduled to go live on September 7, 2023, at 08:00 (UTC). This development is significant for both XRP enthusiasts and cryptocurrency traders, as it introduces a novel trading opportunity for XRP paired with the First Digital USD (FDUSD).
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FDUSD: A Dollar-Pegged Stablecoin with Growing Popularity
First Digital USD (FDUSD) is a dollar-pegged stablecoin that has been gaining attention since its launch in June. It is issued by a subsidiary firm of First Digital, a Hong Kong-based custodian company. FDUSD is backed by cash and other cash equivalents, ensuring its stability and reliability in the crypto market.
Despite being introduced just a few months ago, FDUSD has quickly established itself as a prominent stablecoin, currently ranking as the 11th largest with a market capitalization of $393.7 million, according to CoinGecko data. This valuation is expected to surge following its pairing with XRP on Binance, as it provides an additional avenue for traders to access and utilize FDUSD.
FDUSD is currently available on the Ethereum and BNB Chain Networks, with plans in the works to expand its presence to other blockchain networks in the near future.
Binance’s Strategic Pairings
Binance’s decision to pair FDUSD with XRP is part of a broader strategy to offer traders more options and boost liquidity for popular cryptocurrencies. In addition to XRP/FDUSD, Binance has also introduced FDUSD trading pairs for other well-known cryptocurrencies, including Solana (SOL) and Dogecoin (DOGE).
The trading pairs SOL/FDUSD and DOGE/FDUSD will also be available for trading on Binance starting on September 7, 2023, at 08:00 (UTC). This move further diversifies Binance’s offerings, providing users with multiple options for pairing FDUSD with various digital assets.
Zero Maker Fees for FDUSD Trading Pairs
One attractive feature for traders is that Binance is offering zero maker fees for the newly introduced FDUSD trading pairs, including XRP/FDUSD, SOL/FDUSD, and DOGE/FDUSD. This fee structure is designed to incentivize trading activity and promote liquidity in these markets.
However, it’s worth noting that this fee waiver does not extend to the newly added Turkish Lira (TRY) trading pairs, which Binance plans to introduce concurrently with XRP/FDUSD and others.
Expanding XRP Trading Options on Binance
With the addition of the XRP/FDUSD trading pair, Binance now offers a total of 14 spot trading pairs for XRP. Some of the popular XRP trading pairs on the exchange include XRP/USDT, XRP/BUSD, XRP/BTC, XRP/ETH, XRP/TUSD, and XRP/BNB. This extensive selection provides traders with ample opportunities to trade XRP against various cryptocurrencies and stablecoins, catering to diverse trading strategies and preferences.
Binance Users Show Strong Interest in XRP
This announcement comes on the heels of reports that Binance users have been significantly increasing their trading volumes of XRP. The renewed interest in XRP, combined with Binance’s efforts to expand its XRP trading options, indicates a growing demand for this digital asset among cryptocurrency enthusiasts and investors.
In conclusion, Binance’s decision to introduce the XRP/FDUSD trading pair is expected to enhance XRP liquidity and provide users with more flexibility in their trading activities. With the growing popularity of FDUSD and the continued interest in XRP, this move positions Binance as a key player in the evolving cryptocurrency market.
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