{"id":331257,"date":"2023-07-30T00:00:05","date_gmt":"2023-07-29T18:30:05","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=331257"},"modified":"2023-07-29T17:24:09","modified_gmt":"2023-07-29T11:54:09","slug":"with-binances-backing-will-fdusd-replicate-tusds-feat","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/with-binances-backing-will-fdusd-replicate-tusds-feat\/","title":{"rendered":"With Binance&#8217;s backing, will FDUSD replicate TUSD&#8217;s feat?"},"content":{"rendered":"<ul>\n<li><em>FDUSD started with a bang, recording 5 million in hourly trade volumes on the day of the listing.<\/em><\/li>\n<li><em>The zero-fee trading program might have contributed to the soaring volume of the coin.<\/em><\/li>\n<\/ul>\n<p>Stablecoin First Digital USD [FDUSD] made an impressive start after getting <a href=\"https:\/\/www.binance.com\/en\/support\/announcement\/binance-will-list-first-digital-usd-fdusd-and-introduce-fdusd-zero-trading-fee-promotions-065a0d561cc147ffaa74554360b9a042\">listed<\/a> on the Binance exchange earlier this week.<\/p>\n<p>According to digital assets data provider Kaiko, FDUSD traded at a premium to world&#8217;s largest stablecoin, Tether [USDT], briefly on 28 July, reflecting greater demand for the newly-listed asset.<\/p>\n<figure id=\"attachment_331270\" aria-describedby=\"caption-attachment-331270\" style=\"width: 1380px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/FDUSD.jpg\"><img decoding=\"async\" class=\"size-full wp-image-331270\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/FDUSD.jpg\" alt=\"\" width=\"1380\" height=\"704\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/FDUSD.jpg 1380w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/FDUSD-300x153.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/FDUSD-1024x522.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/FDUSD-768x392.jpg 768w\" sizes=\"(max-width: 1380px) 100vw, 1380px\" \/><\/a><figcaption id=\"caption-attachment-331270\" class=\"wp-caption-text\">Source: Kaiko<\/figcaption><\/figure>\n<h4>Effect of the zero-fee promotion?<\/h4>\n<p>The USD-backed stablecoin started with a bang, recording 5 million in hourly trade volumes on the day of the listing. However, as indicated above, volumes have considerably cooled off since then. Consequently, FDUSD&#8217;s peg also stabilized at $1.00 at the time of writing, per data from <a href=\"https:\/\/coinmarketcap.com\/currencies\/first-digital-usd\/\">CoinMarketCap<\/a>.<\/p>\n<p>FDUSD is a 1:1 USD-backed stablecoin issued by Hong Kong-based First Digital Labs. The coin was listed as part of Binance&#8217;s now popular zero fee trading program with all spot trading pairs, including FDUSD\/USDT, becoming exempt from maker and taker fees.<\/p>\n<p>The exchange fee waive-offs might have contributed to the soaring volume of the coin as highlighted earlier. It should be noted that Binance employed the same promotional strategy to promote another stablecoin, TrueUSD [TUSD].<\/p>\n<p>TUSD\u2019s market cap has more than tripled on a year-to-date (YTD) basis, as per Glassnode.<\/p>\n<figure id=\"attachment_331291\" aria-describedby=\"caption-attachment-331291\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_trueusd-market-cap-usd.png\"><img decoding=\"async\" class=\"size-full wp-image-331291\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_trueusd-market-cap-usd.png\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_trueusd-market-cap-usd.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_trueusd-market-cap-usd-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_trueusd-market-cap-usd-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_trueusd-market-cap-usd-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_trueusd-market-cap-usd-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-331291\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<h4>Binance looks beyond BUSD<\/h4>\n<p>Binance&#8217;s aggressive backing of newer stablecoins should be seen in the light of the phasing-out stage of Binance USD [BUSD], which once vied for the stablecoin crown with Tether.<\/p>\n<p>Its downfall commenced after a New York-based regulator instructed the issuing company Paxos to halt the minting of new tokens. Since then, Binance has attempted to distance itself from BUSD and is looking to promote other stablecoins.<\/p>\n<h4>Will the market achieve parity?<\/h4>\n<p>The success of TUSD and FDUSD was imperative to correct the imbalance in the current state of stablecoin market.<\/p>\n<p>At the time of writing, USDT accounted for a massive 66% of the overall market share, having benefitted from the decline of USD Coin [USDC],\u00a0DAI, and BUSD.<\/p>\n<p>USDT&#8217;s dominance could be ascertained by the fact that its market cap was twice as high as the combined market valuation of the next four stablecoins in the list.<\/p>\n<figure id=\"attachment_331299\" aria-describedby=\"caption-attachment-331299\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_tusd-market-cap-usdt-market-cap-usdc-market-cap-dai-market-cap-busd-market-cap.png\"><img decoding=\"async\" class=\"size-full wp-image-331299\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_tusd-market-cap-usdt-market-cap-usdc-market-cap-dai-market-cap-busd-market-cap.png\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_tusd-market-cap-usdt-market-cap-usdc-market-cap-dai-market-cap-busd-market-cap.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_tusd-market-cap-usdt-market-cap-usdc-market-cap-dai-market-cap-busd-market-cap-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_tusd-market-cap-usdt-market-cap-usdc-market-cap-dai-market-cap-busd-market-cap-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_tusd-market-cap-usdt-market-cap-usdc-market-cap-dai-market-cap-busd-market-cap-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_tusd-market-cap-usdt-market-cap-usdc-market-cap-dai-market-cap-busd-market-cap-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-331299\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p>FDUSD&#8217;s launch was mired in controversy briefly after a popular <a href=\"https:\/\/twitter.com\/adamscochran\/status\/1684060116608327681?s=20\">Twitter user<\/a> alleged links between Tron [TRX] founder Justin Sun and the custodian First Digital. However, nothing in the public eye as yet to suggest anything of this sort.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FDUSD traded at a premium to the world&#8217;s largest stablecoin USDT briefly on 28 July, reflecting greater demand for the newly-listed asset.<\/p>\n","protected":false},"author":80,"featured_media":331301,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[66,3,4,5825,20],"tags":[],"class_list":["post-331257","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-news","category-news","category-social","category-stablecoins","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>With Binance&#039;s backing, will FDUSD replicate TUSD&#039;s feat? 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