Binance has just announced the listing of its new stablecoin First Digital USD (FDUSD) and offers free trading for pairs with FDUSD. This obvious "favorite" move makes the community predict that FDUSD is about to become the new "baby" of the exchange?
Some doubts revolve around First Digital USD (FDUSD), the new stablecoin "favored" by Binance
Binance Lists First Digital USD (FDUSD)
On the morning of July 26, 2023 in Vietnam time, Binance announced the listing of a new stablecoin, First Digital USD (FDUSD).
#Binance will list$FDUSD
— Binance (@binance)July 26, 2023
FDUSD is a 1:1 USD-backed stablecoin issued by First Digital Labs.
Reserves of FDUSD are held by First Digital Trust Limited, @FirstDigitalHQ , a qualified Custodian and registered trust company headquartered in Hong Kong.
Learn more about it here
The exchange will add new trading pairs including BNB/FDUSD, FDUSD/BUSD and FDUSD/USDT.
In order to encourage users to use the new coin, Binance is also launching a free trading program for FDUSD. Specifically:
- free trading for all spot and margin pairs with FDUSD;
- Free trading with other stablecoins including FDUSD/BUSD and FDUSD/USDT.
Time starts from 03:00 PM on July 26, 2023 in Vietnam time until there is a notice to end the program.
Binance's new "pet"?
First Digital USD is a new stablecoin launched in Hong Kong on June 1, 2023, around the same time the “open door” policy for crypto was applied in this Asian market.
FDUSD Peg 1:1 to the US Dollar, built on BNB Chain. CZ also posted a tweet confirming this information:
First Digital, a Hong Kong licensed trust company, launch a new USD pegged stablecoin (FDUSD), on #BNB Smart Chain.
— CZ Binance (@cz_binance) June 1, 2023
At that time , Coin68 predicted that FDUSD would most likely become the new "baby" of Binance, after Paxos - BUSD was "touched" by the US government and TUSD was involved in too many FUD recently.
Indeed, nearly 2 months later, Binance began to "raise" this stablecoin, in order to get rid of its dependence on TUSD.
The reason can be said so, because these moves are similar to when Binance introduced TUSD to users. The exchange then printed a large amount of TUSD , added many Spot Trading pairs with TUSD and free spot and margin trading for pairs with TUSD.
Some questions about FDUSD
According to information from the project website , FDUSD is actually issued on 2 chains, Ethereum and BNB Chain, with the current number of Token :
- on Ethereum : about 1.1 million Token;
- on BNB Chain : about 8.9 million Token.
Thus, the current supply of this stablecoin is 10 million Token, equivalent to a market Capital of 10 million USD.
But it is worth noting that according to the reserve report as of June 30, 2023:
- First Digital USD's reserve assets are USD 1073.8;
- corresponding to 1073.8 Token of FDUSD then current (250 Token on BNB Chain and 823.8 Token on Ethereum).
Thus, in less than 1 month (from June 30 to July 26), nearly 9,999 million FDUSD was Mint . This is equivalent to the supply of FDUSD x10,000 times (from 1 thousand to 10 million).
Of course, this is not impossible, as long as First Digital Labs has enough corresponding collateral. Therefore, it is expected that this company will update the July reserve report on time.
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