Binance urges customers to convert BUSD to FDUSD

Changpeng Zhao, CEO and founder of Binance – RoyalsBlue.com ©

Binance encourages its users to convert their balance BUSD in FDUSD. The crypto-bourse will gradually phase out services backed by stablecoin launched with Paxos.

The world’s number 1 cryptocurrency exchange Binance is ending support for the digital coin BUSD and encourages customers to switch to other stablecoins, including FDUSD.

As Paxos has stopped creating new BUSDs, Binance will gradually stop supporting BUSD products. […] Users are encouraged to convert their BUSD assets to other assets available on Binance before February 2024. Users can exchange their BUSD balances for FDUSD without trading fees,” the company wrote in a blog post on Thursday.

Launched in June by Hong Kong firm First Digital on Ethereum and BNB Chain, FDUSD is a stablecoin backed by the US dollar and similar to BUSD.

The token made its debut on Binance at the end of July with the launch of several free trading pairs. Following its listing on the exchange, FDUSD has nevertheless not seen any real craze, reported Kaiko last month.

Binance is now clearly urging its customers to switch to FDUSDsign that the First Digital token is the new Changpeng Zhao’s favorite stablecoin ?

The stablecoin market is now worth $125 billion. The USDT of Tether dominates with a market cap of over $80 billion. FDUSD is already one of the 10 largest stablecoins, despite its low market capitalization of around 380 million dollars.

Top 10 stablecoins by market cap – Defillama

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