{"id":550270,"date":"2023-09-06T14:30:20","date_gmt":"2023-09-06T14:30:20","guid":{"rendered":"https:\/\/ktsl888.com\/?p=550270"},"modified":"2024-06-11T14:29:02","modified_gmt":"2024-06-11T14:29:02","slug":"fdusd-market-cap-jumps-by-20-following-binance-directive","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/binance-coin\/fdusd-market-cap-jumps-by-20-following-binance-directive\/","title":{"rendered":"FDUSD Market Cap Jumps By 20% Following Binance Directive"},"content":{"rendered":"

The First Digital USD (FDUSD) stablecoin has recorded a significant rise in its market cap following an announcement by the Binance exchange in August. <\/span>FDUSD, a dollar-pegged stablecoin, was recently launched on June 1, 2023, debuting on the Ethereum network and the BNB Smart Chain. The token was officially listed for specific trading pairs on the crypto exchange in July.<\/span><\/p>\n

Related Reading: Binance Will Halt These 39 Liquidity Mining Pools This Week<\/a><\/div>\n

Binance\u2019s Directive Drives Adoption Of FDUSD\u00a0<\/span><\/h2>\n

On August 31, Binance confirmed reports<\/a> of intention to halt support for Binance USD (BUSD) stablecoin following the regulatory embargo on the token\u2019s issuance.<\/span><\/p>\n

Back in March, <\/span>The New York Department of Financial Services (NYDFS)<\/span> had ordered Paxos Trust, the issuing company of BUSD, to cease minting the stablecoin. Since then, BUSD\u2019s market supply has taken a nosedive, crashing by over 80%<\/a> in the last eight months.\u00a0<\/span><\/p>\n

According to an official post, the exchange will begin the gradual termination of all BUSD products on its platform, urging its 150 million customers<\/a> to swap their BUSD tokens for other assets before February 2024.\u00a0<\/span><\/p>\n

In particular, the crypto exchange encouraged users to convert their BUSD to FDUSD, touting incentives such as zero trading fees and a 1:1 direct swap ratio.\u00a0<\/span><\/p>\n

According to data from CoinMarketCap<\/a>, FDUSD\u2019s market cap value has grown by 21.49% from August 31, rising from $324.75 million to its current value of $394.68 million.<\/span><\/p>\n

This indicates that Binance\u2019s promotion of FDUSD as a BUSD alternative is paying dividends, resulting in a rapid rise in the former’s adoption over the last few days.\u00a0<\/span><\/p>\n

For context, the market cap metric represents the total value of a cryptocurrency based on its market price and the number of circulating tokens. Since FDUSD is a stablecoin with a fixed value of $1, CoinMarketCap\u2019s data means that over 70 million FDUSD tokens entered circulation over the past week.\u00a0<\/span><\/p>\n

In addition, according to the DeFi analytics platform, DeFiLlama, FDUSD now ranks as the ninth largest stablecoin in the crypto market ahead of other popular assets such as Gemini USD (GUSD).\u00a0<\/span><\/p>\n

\"Binance\"<\/p>\n

FDUSD valued at $0.9992 on the hourly chart | Source: FDUSDUSDT chart on Tradingview.com<\/a><\/pre>\n
Related Reading: Court Says Yes To Binance Request In Case Against SEC<\/a><\/div>\n
Binance Announces New FDUSD Trading Pairs<\/span><\/h2>\n
In other news, Binance unveiled<\/a> three new FDUSD trading pairs on September 6, maintaining its stablecoin support.\u00a0<\/span><\/p>\n
These trading pairs are DOGE\/FDUSD, SOL\/FDUSD, and XRP\/FDUSD, which will become available for trading on September 7 at exactly 08:00 UTC.<\/span><\/p>\n
This move comes a week after Binance announced the \u201cgradual\u201d discontinuation of its support for the BUSD token while directing users to convert their BUSD token to other assets. <\/span>The exchange has begun discontinuing by delisting eight BUSD isolated and cross-margin pairs.<\/a><\/span><\/p>\n
Following these announcements, the BUSD market fall continues, with the token\u2019s market share now valued at an all-time low of $2.73 billion. More d<\/span>ata from DeFiLlama<\/a> shows that the BUSD market cap is down by 4.16% and 12.23% in the last one and seven days, respectively.\u00a0<\/span><\/p>\n
Nevertheless, BUSD remains an important item in the market, ranking as the fifth largest stablecoin in the crypto space.<\/span><\/p>\n
Feature image from CNBC, chart from Tradingview<\/div>\n","protected":false},"excerpt":{"rendered":"
The First Digital USD (FDUSD) stablecoin has recorded a significant rise in its market cap following an announcement by the Binance exchange in August. FDUSD, a dollar-pegged stablecoin, was recently launched on June 1, 2023, debuting on the Ethereum network and the BNB Smart Chain. The token was officially listed for specific trading pairs on the crypto exchange in July. Related Reading: Binance Will Halt These 39 Liquidity Mining Pools This Week Binance\u2019s Directive Drives Adoption Of FDUSD\u00a0 On August 31, Binance confirmed reports of intention to halt support for Binance USD (BUSD) stablecoin following the regulatory embargo on the token\u2019s issuance. Back in March, The New York Department of Financial Services (NYDFS) had ordered Paxos Trust, the issuing company of BUSD, to cease minting the stablecoin. Since then, BUSD\u2019s market supply has taken a nosedive, crashing by over 80% in the last eight months.\u00a0 According to an official post, the exchange will begin the gradual termination of all BUSD products on its platform, urging its 150 million customers to swap their BUSD tokens for other assets before February 2024.\u00a0 In particular, the crypto exchange encouraged users to convert their BUSD to FDUSD, touting incentives such as zero trading fees and a 1:1 direct swap ratio.\u00a0 According to data from CoinMarketCap, FDUSD\u2019s market cap value has grown by 21.49% from August 31, rising from $324.75 million to its current value of $394.68 million. This indicates that Binance\u2019s promotion of FDUSD as a BUSD alternative is paying dividends, resulting in a rapid rise in the former’s adoption over the last few days.\u00a0 For context, the market cap metric represents the total value of a cryptocurrency based on its market price and the number of circulating tokens. Since FDUSD is a stablecoin with a fixed value of $1, CoinMarketCap\u2019s data means that over 70 million FDUSD tokens entered circulation over the past week.\u00a0 In addition, according to the DeFi analytics platform, DeFiLlama, FDUSD now ranks as the ninth largest stablecoin in the crypto market ahead of other popular assets such as Gemini USD (GUSD).\u00a0 FDUSD valued at $0.9992 on the hourly chart | Source: FDUSDUSDT chart on Tradingview.com Related Reading: Court Says Yes To Binance Request In Case Against SEC Binance Announces New FDUSD Trading Pairs In other news, Binance unveiled three new FDUSD trading pairs on September 6, maintaining its stablecoin support.\u00a0 These trading pairs are DOGE\/FDUSD, SOL\/FDUSD, and XRP\/FDUSD, which will become available for trading on September 7 at exactly 08:00 UTC. This move comes a week after Binance announced the \u201cgradual\u201d discontinuation of its support for the BUSD token while directing users to convert their BUSD token to other assets. The exchange has begun discontinuing by delisting eight BUSD isolated and cross-margin pairs. Following these announcements, the BUSD market fall continues, with the token\u2019s market share now valued at an all-time low of $2.73 billion. More data from DeFiLlama shows that the BUSD market cap is down by 4.16% and 12.23% in the last one and seven days, respectively.\u00a0 Nevertheless, BUSD remains an important item in the market, ranking as the fifth largest stablecoin in the crypto space. Feature image from CNBC, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":550276,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83379],"tags":[10768,84032,88700,14737,13575],"class_list":["post-550270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance-coin","tag-binance","tag-busd","tag-fdusd","tag-paxos","tag-trading-pairs"],"acf":[],"yoast_head":"\nFDUSD Market Cap Jumps By 20% Following Binance Directive<\/title>\n<meta name=\"description\" content=\"The FDUSD stablecoin has recorded a significant rise in its market cap following an announcement by the Binance exchange in August\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. 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