FDUSD stablecoin trading pairs hit highest ever share of spot trading volume on Binance
Quick Take
- FDUSD trading pairs comprised 38%, an all-time high, of total spot trading volume on Binance as of Feb. 12.
- Binance phasing out support for BUSD and the decreased popularity of TUSD may have compelled traders to switch to FDUSD.
The First Digital USD stablecoin, or FDUSD, and its trading pairs on Binance have reached the highest ever share of spot trading volume on the exchange.
Trading pairs containing FDUSD made up 38% of Binance's total spot trading volume on Feb. 12, according to The Block Pro Data Dashboard. That's a 42.6% increase compared to last month.
FDUSD pairs share on Binance spot trading. Image: The Block Pro Data Dashboard
"You'd expect to see FDUSD gain some popularity on Binance given that the BTC/FDUSD is free to trade and most FDUSD pairs have no maker fee," said The Block senior research analyst Rebecca Stevens.
"The official end to support of BUSD on the exchange probably also motivated some users to convert into the newer stablecoin" she added.
FD121, a subsidiary of Hong Kong-based custodian and trust company First Digital, launched FDUSD in June 2023. Binance listed FDUSD a month later, offering zero trading fees for it.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
