The trading is set to be resumed on July 26th, 14:00 UTC.
Binance, the world-known cryptocurrency exchange, postponed the listing of a newly launched stablecoin, FDUSD, due to unforeseen technical difficulties experienced by liquidity providers.
Originally planned for July 26th, 2023, at 08:00 (UTC), the launch has now been shifted to 14:00 (UTC) the same day.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is a MetaMask Wallet? (And How to Use it - Animated)
The technical difficulties have forced Binance to temporarily halt FDUSD trading, originally slated to support FDUSD/BUSD and FDUSD/USDT spot and margin trading pairs.
The suspension, effective from 09:45 (UTC) on July 26th, 2023, has also led to the cancellation of all pending FDUSD orders, as Binance aims to protect the interests of its users.
The stablecoin in question, FDUSD, is the brainchild of the First Digital Group, a consortium including the Hong Kong-based custodian and trust firm First Digital Trust. The group announced the imminent listing of FDUSD on Binance on July 26th, 2023, just a month after the stablecoin's launch on June 1st.
The First Digital Group assures that FDUSD is fully backed by cash and cash equivalents, securely kept in segregated accounts within regulated financial institutions. The FDUSD stablecoin is engineered to maintain a 1:1 value ratio with the US dollar.
The First Digital Group aims to make FDUSD more than just a stable asset. The stablecoin is designed to interact with financial smart contracts, escrow services, and insurance platforms without the need for intermediaries. According to the firm, with its compatibility, FDUSD is positioned to pave the way for future solutions and seamless integration within everyday transactions.
As part of the initial launch strategy, Binance intends to offer zero fees for all FDUSD trading pairs. Users were set to benefit from zero maker fees on existing FDUSD spot trading pairs and any new FDUSD spot and margin trading pairs during the promotional period.
The promotional incentive, however, remains suspended until Binance resolves the technical issues.
