FDUSD Trading Pairs Achieve Record Volume on Binance
As of February 12, 2024, FDUSD trading pairs accounted for 38% of the spot trading volume on the Binance exchange.
FDUSD Trading Pairs Achieve Record Volume on Binance. Image: CoinDesk
FDUSD and related stablecoin pairs are garnering significant user attention. According to data from February 12, FDUSD achieved its highest-ever spot trading volume share on the Binance exchange.
Statistics indicate that trading pairs associated with FDUSD collectively represented up to 38% of Binance's total spot volume, marking a record increase of 42.6% compared to the previous month.
Spot trading pairs with FDUSD on Binance. Source: The Block
Commenting on this achievement, analyst Rebecca Stevens from The Block stated:
"FDUSD is gaining popularity on Binance as the exchange supports free trading of BTC/FDUSD pairs, and most other pairs linked to FDUSD follow suit."
Rebecca further noted that Binance's discontinuation of BUSD and the decline of TUSD have catalyzed users to shift towards the new stablecoin, with FDUSD benefiting the most.
FD121, a subsidiary under the oversight and custody of First Digital from Hong Kong, introduced FDUSD in June 2023. Within a month, Binance began listing FDUSD with various incentives for trading pairs involving this stablecoin. Speculation has since mounted that FDUSD may become the new darling of the world's largest cryptocurrency exchange.
