In a move that highlights its commitment to providing users with a diverse range of trading options, Binance, the world’s largest cryptocurrency exchange, has announced the expansion of its support for XRP. By introducing the XRP/FDUSD trading pair, Binance is opening up new avenues for traders to engage with the popular digital asset.
At the core of this development is the introduction of FDUSD, a dollar-pegged stablecoin launched earlier this year by a subsidiary of First Digital, a Hong Kong-based custodian company. FDUSD is backed by cash and other cash equivalents, cementing its stability within the highly volatile cryptocurrency market.
Currently available on the Ethereum and BNB Chain Networks, FDUSD has already garnered attention, securing its position as the 11th largest stablecoin. It currently has a market capitalization of $393 million.
Binance Expands Trading Pairs
In addition to pairing XRP with FDUSD, Binance has introduced FDUSD trading pairs with other prominent cryptocurrencies such as Solana (SOL) and Dogecoin (DOGE). By expanding its offerings, Binance is providing traders with more flexibility and accessibility when it comes to their favorite digital assets.
Starting tomorrow at 08:00 (UTC), Binance users can take advantage of the trading opportunities presented by SOL/FDUSD and DOGE/FDUSD pairs. Furthermore, the leading exchange plans to open trading for TOMO/TRY and UNFI/TRY pairs, further diversifying its trading options.
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Exciting Opportunities for Traders
To sweeten the deal, Binance is offering zero maker fees on the newly added FDUSD trading pairs, an enticing proposition for traders looking to maximize their profits. However, it’s worth noting that this generosity does not extend to the newly introduced TRY pairs.
Expanding the XRP Trading Universe
With the addition of the XRP/FDUSD pair, Binance now boasts a total of 14 spot trading pairs for XRP, catering to the diverse needs of its user base. This latest development comes on the heels of a recent report indicating a significant surge in XRP trading on Binance.
Last month, Binance ranked second in terms of XRP buying pressure, closely trailing San Francisco-based exchange Coinbase. This ongoing interest in XRP suggests that traders are eager to further explore the potential of the digital asset.
As of the time of press, XRP is trading at $0.4992, representing a minor decrease over the past 24 hours.
Binance’s decision to extend support for XRP through the introduction of the XRP/FDUSD pair marks another milestone in the evolution of cryptocurrency trading.
By broadening its offerings, Binance is ensuring that traders can explore new possibilities and diversify their portfolios. It’s also a means to get its new stablecoin the much-needed popularity and acceptance.