Pairs with the stablecoin First Digital USD (FDUSD) accounted for 38% of the total spot trading volume on Binance, experts noted The Block.
Over the month, the figure increased by 42.6%.
The exchange's official deprecation of BUSD also likely prompted some users to migrate to the new “stable coin,” she added.
FDUSD was launched in June 2023 by Hong Kong-based custody and trust company First Digital. A month later, Binance listed the asset with a commission-free trading program.
In early August, Binance CEO Changpeng Zhao criticized USDT, calling the asset a “black box” with a “certain” level of risk. Next, it became known that the exchange transferred part of the USD Coin (USDC) reserves to another stablecoin.
However, Kaiko analysts noted then that the exchange failed to quickly achieve FDUSD popularity among traders, despite the commission benefits.
According to CoinGecko, the coin from First Digital has already taken fourth place in terms of capitalization among stablecoins. Over the past 30 days, FDUSD market supply has increased by 40% to reach ~$2.85 billion.
Source: Cryptocurrency
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