Binance helps FDUSD to achieve 16% dominance among stablecoins

Because of Binance’s zero trade fee campaign for FDUSD-BTC trade pair, the dominance of FDUSD surged rapidly. 

Binance is a first-ranked crypto firm by 24 hours of crypto trade volume on this platform, thanks to the platform’s highly secured & responsive crypto services. Binance also provides its crypto services under a decentralized medium via a popular decentralized crypto wallet “Trust wallet”. 

Recently Kaiko reported that FDUSD stablecoin’s dominance in the Crypto trading volume surged by 16% against other stablecoins.

In short FDUSD’s current crypto paired trade volume market share is 16%.

On 24 Oct 2023, Bitcoin-FDUSD trade volume hit $2.83 billion which is the second highest after BTC-USDT trade volume. 

FDUSD’s surging market dominance credit goes to its partnership with the Binance crypto exchange & zero trade fee campaign for the BTC-FDUSD trade pair on the Binance exchange.

According to Kaiko, after Binance launched the FDUSD zero-fee campaign, FDUSD’s share of stablecoin-denominated trading volume grew to 16%, while TUSD’s share dropped from 23% to 1%. In the past 24h, the trading volume of BTC/FDUSD on Binance reached 2.83 billion, second only to…

— Wu Blockchain (@WuBlockchain) October 24, 2023

Binance, BUSD, & regulatory action

In early of this year the financial activities related to Binance stablecoin (BUSD) forcibly suspended under the regulatory pressure of the US financial regulators.

All the financial management work on Binance stablecoin was under the full power of Paxos Trust company. Binance title was only a promotional stunt in partnership between Binance  & Paxos.

Following the regulatory action, Binance also suspended support for BUSD stablecoin and later tied a partnership with FDUSD stablecoin & also started trade fee-free Bitcoin-FDUSD trading.

Binance announced that it will launch the BTC/FDUSD and ETH/FDUSD trading pairs at 16:00 on August 4th, and add the BTC/FDUSD trading pair to the BTC zero-fee event. FDUSD is the latest USD stablecoin supported by Binance. CZ said the next one will also be announced.…

— Wu Blockchain (@WuBlockchain) August 3, 2023

These types of growth for a very less popular stablecoin show that every crypto or non-crypto product requires a better platform to show a better level of performance, otherwise, FDUSD stablecoin was unknown for 99% of the crypto investors.

Binance & regulatory hurdles

Currently, Binance is facing huge legal hurdles in different jurisdictions. 

This year, its American subsidiary BinanceUS was sued by the top two financial regulatory bodies namely CFTC & SEC. 

Just recently Binance exited the Russian crypto market and also announced to suspend Visa crypto debit card services across all EU member countries from the next month. 

Read also: DTCC removes BlackRock’s Bitcoin spot ETF from the list