Binance lists new stablecoin with no trading fees, shuts down shortly after over technical issues

Prior to launch, Binance said it would offer no maker fees for all FDUSD trading pairs.

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The recently introduced stablecoin, FDUSD, which was scheduled to list on Binance on July 26, 2023 at 08:00 (UTC), allowing trading for spot and margin trading pairs FDUSD/BUSD and FDUSD/USDT has now been postponed to restart on 2023-07-26 14:00 (UTC) due to technical issues with liquidity providers of FDUSD pairs.

Binance has released a statement that it will halt trading in First Digital USD (FDUSD) on 2023-07-26 09:45 (UTC) and cancel all pending FDUSD orders, to ensure the protection of its users. First Digital Group announced the launch of the first US dollar-pegged stablecoin Digital USD on June 1.

First Digital Group, comprising First Digital Trust, a Hong Kong-based custodian and trust company, said the upcoming launch and listing of its stablecoin, First Digital USD (FDUSD), issued by FD121, will be on Binance. The announcement was made on July 26, 2023.

Screenshot of the announcement of reported by Binance. Source: Binance

According to the release, FDUSD is fully collateralized by cash and cash equivalents, held in segregated accounts at regulated financial institutions. Independent third parties regularly monitor and audit these reserves. FDUSD is designed to be traded at a 1:1 value in US dollars.

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