Binance, the global cryptocurrency trading volume leader, is expanding its repertoire of trading pairs with a significant update scheduled for September 7, 2023, at 08:00 UTC. This update introduces several notable additions, including Dogecoin (DOGE), Solana (SOL), TomoChain (TOMO), Unifi Protocol DAO (UNFI), and the highlight of the announcement, Ripple’s XRP—all paired with FDUSD, a newly introduced stablecoin.
This development comes as XRP garners increasing attention on the Binance platform, positioning the cryptocurrency closely behind Coinbase in terms of purchasing activity. With the inclusion of the XRP/FDUSD trading pair, Binance now boasts a total of 14 spot trading pairs for XRP, encompassing popular choices like XRP/USDT and XRP/BTC. As of the latest data, XRP is trading cautiously at $0.503, registering a slight 0.4% dip over the past 24 hours. The burning question on everyone’s mind: Could this new trading pair serve as a catalyst for an XRP resurgence?
FDUSD, which stands for First Digital USD, is a dollar-pegged stablecoin launched in June by the Hong Kong-based custodian firm First Digital. Despite its recent entry into the market, FDUSD has rapidly ascended to become the 11th largest stablecoin by market capitalization, currently valued at approximately $393.7 million. Accessible on both Ethereum and BNB Chain Networks, FDUSD is poised for substantial valuation gains, thanks in part to Binance’s latest strategic move.
Binance has sweetened the deal by announcing zero maker fees for the new FDUSD trading pairs, a tactic historically proven to boost liquidity. While competitors like Coinbase have previously employed the “zero fee” approach, the temporary nature of Binance’s offer has traders excited yet cautious. The duration of this incentive and its impact on FDUSD’s market activity remain to be seen. In addition to the buzz surrounding FDUSD pairs, Binance has also introduced two new trading pairs with the Turkish Lira (TRY)—TOMO/TRY and UNFI/TRY. Binance explicitly stated that TRY is a fiat currency to prevent any potential confusion with digital assets.
While Binance’s new trading pairs and fee structures are expected to increase trading volume, it’s important to note that heightened liquidity does not necessarily translate into asset price inflation. Investors are eagerly observing how these developments will reshape the cryptocurrency landscape.