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The global crypto market cap is $1.58 trillion with a 24-hour volume of $78.43 billion. The price of Bitcoin is $43,665.01 and BTC market dominance is 53.8%. The price of Ethereum is $2,272.06 and ETH market dominance is 17.2%. The best performing cryptoasset sector is eCommerce, which gained 56%.
Binance has touted FDUSD has a viable alternative to the embattled BUSD stablecoin.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance has expanded its free trading options for the spot and margin trading pairs of the First Digital USD (FDUSD) stablecoin pairing with six digital assets, including BNB, Dogecoin, Chainlink, Ethereum, Solana, and XRP, according to a Dec. 5 statement.
Binance users will see zero maker and taker fees for these pairs starting Dec. 8 for an undisclosed period. The exchange explained that the free trading option would exclude these pairs from BNB fee discounts, rebates, and other adjustments.
However, the firm stated that it “reserves the right to disqualify trades deemed to be wash trades or illegally bulk account registrations, as well as trades that display attributes of self-dealing or market manipulation.”
The free transaction promotion is part of Binance’s ongoing efforts to encourage its users to use the FDUSD stablecoin.
Last week, the crypto platform said it would phase out support for Binance USD (BUSD) by Dec. 15. Binance urged users to convert their BUSD holdings into the new stablecoin before the end of the year, saying it would end BUSD withdrawals by Dec. 31 and that BUSD balances would be automatically converted to FDUSD.
Binance’s decision relates to the BUSD stablecoin’s regulatory issues. Earlier in the year, the BUSD issuer, Paxos, suspended the stablecoin issuance following scrutiny from U.S. regulators. At the time, the company received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), which classified the stablecoin as a security.
While Binance and Paxos have vehemently rejected this classification, the crypto community promptly deserted the stablecoin, with its circulating supply dropping to less than $2 billion as of press time, according to CryptoSlate’s data.
Concurrently, Binance has been heavily pushing FDUSD as a viable alternative, introducing new products for the digital asset and incentivizing its use. However, FDUSD’s circulating supply remains less than 1 billion and is only available on less than five crypto exchanges.
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
Exploring how Bitcoin mining can actively contribute to the stability and efficiency of power systems.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Bitget’s rise as a leading crypto exchange with cutting-edge features and strong dedication to transparency and security.
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
FDUSD is a 1:1 USD-backed Stablecoin.
BNB, or Binance Coin, is a cryptocurrency created by Binance.
BUSD is a stablecoin issued by Paxos in partnership with Binance..
Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Paxos Trust Company, LLC is a regulated blockchain infrastructure company building transparent and transformative financial solutions.
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