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Binance lists FDUSD with zero fees; trading postponed after technical issue

Following a short delay, Binance will offer users zero trading fees on select FDUSD pairs to celebrate First Digital’s new stablecoin.

Crypto exchange Binance listed First Digital’s new stablecoin, FDUSD, at 08:00 UTC today, July 26. Shortly after launch however, the exchange was forced to temporarily postpone trading after FDUSD’s liquidity provider encountered “technical issues”. Binance cancelled all pending orders in order to protect customers.

Binance will resume FDUSD trading later today at 14:00 UTC, July 26. 

FDUSD is a 1:1 USD-backed stablecoin issued by First Digital Labs. Its reserves are held by Hong Kong-based First Digital Trust Limited. 

To celebrate the launch of FDUSD, Binance users will not be charged maker fees on any FDUSD spot trading pairs (BNB/FDUSD, FDUSD/BUSD and FDUSD/USDT), or any FDUSD spot and margin trading pairs.

The exchange will also add FDUSD to its zero trading fee promotion for USD stablecoin pairs. During this period, users seeking to trade FDUSD will not be charged maker and taker fees on the FDUSD/BUSD and FDUSD/USDT spot and margin trading pairs. 

The zero trading fee promotion extends more broadly to BUSD/USDT, FDUSD/BUSD, FDUSD/USDT, TUSD/BUSD, TUSD/USDT, USDC/USDT and USDP/USDT. 

First Digital first unveiled its stablecoin on June 1. The company is registered under Hong Kong’s Trustee Ordinance and is mandated to keep all FDUSD reserves in segregated accounts in order to avoid the co-mingling of FDUSD with other assets of the company. 

Read more: Chinese city becomes first to pay employees in CBDC, but is there a privacy risk?

The press release reiterated the potential of stablecoins as a hedge against central bank policy makers who “seek to influence their domestic currencies, and an economical form of accessing financial services at a time of heightened volatility in the current, global financial system”. 

First Digital CEO Vincent Chok said: “The launch of this stablecoin represents a major stride forward in our mission to provide a secure and efficient digital currency that can be seamlessly integrated into everyday transactions.” 

He added: “Transparency and robust oversight are paramount in building trust in stablecoins and in turn the adoption of this innovative blockchain technology, especially at a time when stability in the traditional financial system is uncertain. Going forward, investors, retail and institutional will be looking for predictability, which is why FDUSD was conceptualised.” 

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About First Digital

First Digital Trust Limited is a licensed trust company based in Hong Kong. Established in 2019, the company serves clients from around the world. It specializes in providing a wide range of trusted services, combining traditional and digital financial solutions. With over three decades of experience, First Digital Trust Limited offers innovative and personalized trustee services such as asset tokenization, custody, asset trading, and settlement.

They also provide various services including structuring, payroll management, escrow, and administration. In recognition of its achievements, First Digital was named one of the prominent Emerging Giants in Hong Kong in the ‘Emerging Giants in Asia Pacific’ Report 2022 by KPMG and HSBC.

Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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