Binance halts trading of FDUSD stablecoin due to ‘technical issues’

The recently introduced stablecoin, First Digital USD (FDUSD), which was scheduled to be listed on Binance on July 26, 2023, at 8:00 am UTC, has been postponed until 2:00 pm UTC on July 26 due to FDUSD pairs’ liquidity providers experiencing technical issues.

In a , Binance said it would halt trading for FDUSD on July 26 at 9:45 am UTC and cancel all pending FDUSD orders to ensure its users’ protection. Hong Kong-based First Digital Group of the United States dollar-pegged FDUSD on June 1.

On July 26, First Digital Group  the upcoming debut and listing of its stablecoin on Binance. 

According to the statement, FDUSD is fully backed by cash and cash equivalents held in segregated accounts within regulated financial institutions. Independent third parties regularly monitor and audit the reserves, and the stablecoin is designed to be redeemed at a 1:1 value in U.S. dollars.

Stablecoins are a class of cryptocurrencies backed by specific assets or that use algorithms to adjust their supply based on demand.

The announcement states that the FDUSD is not only intended to be a programmable digital asset but also capable of interaction with , escrow services and insurance without the need for intermediaries. Furthermore, FDUSD’s compatibility with enables the possibility of creating solutions in the future and further integrating with everyday transactions.

Related:

Binance rolled out a promotion offering zero maker fees for all FDUSD trading pairs. Throughout the promotional period, all users could take advantage of zero maker fees on existing FDUSD , and any new FDUSD spot and pairs.

to preserve this moment in history and show your support for independent journalism in the crypto space.

Magazine: