Binance, the world’s largest cryptocurrency exchange, has exciting news for crypto enthusiasts. It will be listing the new stablecoin called First Digital USD (FDUSD) on its platform, starting from July 26, 2023, at 08:00 (UTC).
FDUSD, a 1:1 USD-backed stablecoin issued by FD121 Limited operating under the brand name of First Digital Labs, aims to provide users with a reliable digital currency that mitigates the impact of market volatility and offers faster, more secure financial transactions at reduced costs. The stablecoin will be available for trading in spot pairs such as BNB/FDUSD, FDUSD/BUSD, and FDUSD/USDT.
Introducing FDUSD – A Transparent and Reliable Stablecoin
First Digital USD is designed to be fully backed by cash and cash equivalent assets, providing users with the assurance that each token is redeemable 1:1 for U.S. dollars. The stablecoin’s reserves are held in fully segregated bankruptcy-remote holding structures, safeguarded by a top-tier, qualified custodian with a trust license.
To ensure transparency, independent third parties like Prescient Assurance will audit First Digital USD’s reserve account, and attestation reports will be publicly shared every month. With its innovative stablecoin solution, FDUSD offers a reliable alternative to traditional assets and brings peace of mind to users seeking stability in the ever-changing cryptocurrency market.
- New spot trading pairs: BNB/FDUSD, FDUSD/BUSD, and FDUSD/USDT.
- Deposits are open now: Deposit now.
- Withdrawals are available from 2023-07-27 08:00 (UTC).
- Listing Fee: 0 BNB.
Celebrating the Launch with Zero Trading Fees
To mark the debut of First Digital USD, Binance is introducing a limited-time promotion of zero maker fees on all First Digital USD spot trading pairs. This means that during the validity period of the promotion (starting from July 26, 2023, at 08:00 UTC until further notice), all users can enjoy zero maker fees when trading First Digital USD pairs. Additionally, FDUSD will be added to Binance’s existing zero trading fee promotion for USD stablecoin pairs, including FDUSD/BUSD and FDUSD/USDT. This further incentivizes users to take advantage of the stablecoin’s benefits without incurring any trading fees.
Read more: Binance to Launch in Japan as Prime Minister Backs Web3
Programmable Stablecoin for Smart Contracts and Beyond
One of the standout features of First Digital USD is its programmability, enabling seamless interaction with financial smart contracts, escrow services, and insurance without intermediaries. The stablecoin’s integration with next-generation Web3 technologies opens up a world of possibilities for developers to build innovative solutions on top of the First Digital USD blockchain, unlocking new value and enhancing the overall user experience. By combining stability with innovation, First Digital Labs aims to reshape the financial landscape, offering a safe, reliable, and efficient digital asset.
Trust and Security at the Core of FDUSD’s Mission
First Digital Trust, a qualified custodian and registered trust company headquartered in Hong Kong, stands behind First Digital USD’s commitment to transparency and security. With over three decades of collective experience, First Digital Trust provides innovative solutions through a comprehensive and personalized suite of trustee services, including structuring, custody, payroll, escrow, and administration services. First Digital USD’s collateral is meticulously validated by an independent third party, adding an extra layer of integrity to the stablecoin’s reserves and financial reporting.
Conclusion
The listing of First Digital USD (FDUSD) on Binance marks a significant step in the evolution of stablecoins. Backed by transparency, innovation, and a commitment to trust and security, First Digital USD offers users a stable and reliable digital currency that is 1:1 backed by USD reserves. With its programmability and compatibility with Web3 technologies, it has the potential to reshape the financial industry and unlock new opportunities for users and developers alike. As Binance introduces zero maker fees on First Digital USD trading pairs, now is an opportune time to explore the potential of this innovative stablecoin and its role in shaping the future of finance.
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