• 02 November, 2024
News

Binance’s FDUSD Zero-Fee Campaign Triggers Major Stablecoin Trading Shake-up

Binance’s FDUSD Zero-Fee Campaign Triggers Major Stablecoin Trading Shake-up

In a stunning move that has reverberated through the cryptocurrency sphere, Binance, the global crypto exchange, has orchestrated a groundbreaking shift in the world of stablecoins. Their recent introduction of the FDUSD zero-fee campaign has triggered a seismic transformation in the landscape of stablecoin-denominated trading. 

In a recent post on X, Kaiko, a prominent platform for crypto market data and analytics, shed light on FDUSD’s market share, which has soared to an impressive 16%. The once-mighty TUSD has experienced a steep decline from 23% to a mere 1%.

As per a recent report, TUSD, once an obscure stablecoin with almost no trading volume, gained prominence when Binance selected it as the successor to BUSD in March. Binance’s strategic promotion of a zero-fee BTC-TUSD pair helped TUSD’s market share surge from a tiny fraction to a staggering peak of 23%. The majority of trading volume was concentrated on this single zero-fee pair.

A new stablecoin has emerged as a successor to BUSD. FDUSD, which comes from Hong Kong’s First Digital, has taken the spotlight with Binance supporting it through a zero-fee pairing. This has resulted in a significant increase in FDUSD trading volumes. Interestingly, FDUSD is exclusively available for trading on Binance, unlike TUSD, which can be traded on over ten exchanges. However, the issuer of FDUSD remains a mystery as details about them have yet to be available.

In the relentless churn of the crypto market, the past 24 hours have witnessed a remarkable surge in the BTC/FDUSD trading volume on Binance, with a staggering $2.97 billion. This astonishing feat was second only to the BTC/USDT pair, which commanded a substantial $ 4.23 billion trading volume. The primary catalyst behind this transformative phenomenon is the irresistible appeal of zero transaction fees, a siren’s call for traders eager to maximize their profits.

Binance’s audacious maneuvers have reshaped the stablecoin trading landscape and underscored its unwavering dominance in the global cryptocurrency exchange arena. As the crypto community eagerly awaits further revelations, the meteoric ascent of FDUSD stands as a testament to the unyielding spirit of innovation in the ever-evolving world of cryptocurrencies.

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