Binance helps FDUSD to achieve 16% dominance among stablecoins

On Oct 25, 2023

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.

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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.