Binance – the world’s largest cryptocurrency exchange – is expanding trading support for Ripple’s XRP. However, there’s more to that than meets the eye, so let’s dive in.
- In its most recent announcement, Binance revealed that it is adding one more trading pair for Ripple’s XRP – XRP/FDUSD.
- This came along with the addition of multiple pairs for various cryptocurrencies.
Binance will open trading for the DOGE/FDUSD, SOL/FDUSD, TOMO/TRY, UNFI/TRY, and XRP/FDUSD trading pairs at 2023-0907 08:00 (UTC).
- Right off the bat, users will be able to trade without paying for trading fees until there’s further notice of it.
- But it’s also important to understand what FDUSD is.
- It’s a reserve-backed stablecoin that’s issued by a subsidiary of a Hong Kong-based financial firm called First Digital Limited (hence the FD in the name).
- The cryptocurrency was launched back in June 2023 on Ethereum and on the BNB Chain. There are plans for it to be issued on other networks as well.
- One of the specifics is that FDUSD provides an “attestation of reserve” report.
- The document is audited by independent specialists in a bid to attest to FDUSD’s complete backing and equivalent value.
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