{"id":544472,"date":"2023-07-26T13:00:55","date_gmt":"2023-07-26T13:00:55","guid":{"rendered":"https:\/\/wncen.com\/?p=544472"},"modified":"2024-06-11T14:39:05","modified_gmt":"2024-06-11T14:39:05","slug":"binance-rolls-out-zero-fee-stablecoin-but-hits-pause-soon-after-heres-why","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/binance-coin\/binance-rolls-out-zero-fee-stablecoin-but-hits-pause-soon-after-heres-why\/","title":{"rendered":"Binance Rolls Out Zero-Fee Stablecoin But Hits Pause Soon After: Here’s Why"},"content":{"rendered":"

First Digital USD (FDUSD), a newly introduced stablecoin scheduled to make its debut on Binance on Wednesday has now faced a halt<\/a> due to technical difficulties. <\/span><\/p>\n

A Bumpy Start To The FDUSD Journey<\/span><\/h2>\n

The expected listing of FDUSD on Binance<\/a> was initially set for July 26, 2023. To incentivize traders, Binance planned to offer zero maker fees for all FDUSD trading pairs. However, due to technical issues encountered by the FDUSD pairs’ liquidity providers, the launch was postponed.<\/span><\/p>\n

Related Reading: Binance Pool\u2019s Litecoin Hash Rate Falls 50%: What\u2019s Next?<\/a><\/p>\n

Trading was halted at 09:45 (UTC), and all pending FDUSD orders were canceled, reflecting the exchange’s commitment to user protection amid these unforeseen circumstances.<\/span><\/p>\n

In response to these technical glitches, Binance rescheduled the FDUSD listing for the same day at 14:00 (UTC). However, the delay caused by the technical issues put a temporary damper on the excitement surrounding the FDUSD launch.<\/span><\/p>\n

First Digital USD: Just Another Stablecoin?<\/span><\/h2>\n

First Digital Group, a conglomerate including Hong Kong-based First Digital Trust, a custodian and trust firm, unveiled<\/a> the plan for the FDUSD stablecoin in June. Backed by FD121, the stablecoin, pegged to the US dollar on a 1:1 ratio, promised to be fully backed by cash and cash equivalents held in regulated financial institutions’ segregated accounts. <\/span><\/p>\n

The reserves are said to be under constant audit and monitoring by independent third parties, assuring investors of the coin’s stability.<\/span><\/p>\n

Beyond the initial hiccups, the ambition driving the creation of FDUSD is worth noting. The First Digital Group envisages FDUSD to be more than a simple programmable digital asset.\u00a0<\/span><\/p>\n

FDUSD is designed to be compatible with Web3 technologies, positioning it to potentially aid in the creation of future solutions. The stablecoin is able to interact with financial smart contracts, escrow services, and insurance protocols without requiring intermediaries. This integration aims to bridge the gap between traditional finance<\/a> and decentralized technologies in everyday transactions.<\/span><\/p>\n

Despite Binance’s continuing regulatory challenges, the exchange keeps making headlines for positive developments, such as the listing of the zero-fee stablecoin. <\/span><\/p>\n

Recently, Binance and its CEO Changpeng Zhao, also known as CZ, revealed plans to dismiss the Commodity Futures Trading Commission\u2019s (CFTC) complaint, according to a court filing<\/a>.<\/span><\/p>\n

Related Reading: Binance Coin (BNB) Price Poised For A Major Breakout \u2013 Which Way Will It Go?<\/a><\/div>\n

This move is a reaction to the financial watchdog’s earlier accusation against the crypto exchange for purportedly breaking derivatives market rules in the United States. <\/span><\/p>\n

Meanwhile, regardless of the few positive developments by the crypto exchange, Binance’s native token BNB<\/a> has continued to move in a bearish trend. Over the past 24 hours, the native token has plunged 0.3% with a current trading price of $237.7, at the time of writing. <\/span>\"Binance<\/p>\n

Binance Coin (BNB)\u2019s price is moving sideways on the 4-hour chart. Source: BNB\/USDT on TradingView.com<\/a><\/p>\n

Featured image from Shutterstock, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

First Digital USD (FDUSD), a newly introduced stablecoin scheduled to make its debut on Binance on Wednesday has now faced a halt due to technical difficulties. A Bumpy Start To The FDUSD Journey The expected listing of FDUSD on Binance was initially set for July 26, 2023. To incentivize traders, Binance planned to offer zero maker fees for all FDUSD trading pairs. However, due to technical issues encountered by the FDUSD pairs’ liquidity providers, the launch was postponed. Related Reading: Binance Pool\u2019s Litecoin Hash Rate Falls 50%: What\u2019s Next? Trading was halted at 09:45 (UTC), and all pending FDUSD orders were canceled, reflecting the exchange’s commitment to user protection amid these unforeseen circumstances. In response to these technical glitches, Binance rescheduled the FDUSD listing for the same day at 14:00 (UTC). However, the delay caused by the technical issues put a temporary damper on the excitement surrounding the FDUSD launch. First Digital USD: Just Another Stablecoin? First Digital Group, a conglomerate including Hong Kong-based First Digital Trust, a custodian and trust firm, unveiled the plan for the FDUSD stablecoin in June. Backed by FD121, the stablecoin, pegged to the US dollar on a 1:1 ratio, promised to be fully backed by cash and cash equivalents held in regulated financial institutions’ segregated accounts. The reserves are said to be under constant audit and monitoring by independent third parties, assuring investors of the coin’s stability. Beyond the initial hiccups, the ambition driving the creation of FDUSD is worth noting. The First Digital Group envisages FDUSD to be more than a simple programmable digital asset.\u00a0 FDUSD is designed to be compatible with Web3 technologies, positioning it to potentially aid in the creation of future solutions. The stablecoin is able to interact with financial smart contracts, escrow services, and insurance protocols without requiring intermediaries. This integration aims to bridge the gap between traditional finance and decentralized technologies in everyday transactions. Despite Binance’s continuing regulatory challenges, the exchange keeps making headlines for positive developments, such as the listing of the zero-fee stablecoin. Recently, Binance and its CEO Changpeng Zhao, also known as CZ, revealed plans to dismiss the Commodity Futures Trading Commission\u2019s (CFTC) complaint, according to a court filing. Related Reading: Binance Coin (BNB) Price Poised For A Major Breakout \u2013 Which Way Will It Go? This move is a reaction to the financial watchdog’s earlier accusation against the crypto exchange for purportedly breaking derivatives market rules in the United States. Meanwhile, regardless of the few positive developments by the crypto exchange, Binance’s native token BNB has continued to move in a bearish trend. Over the past 24 hours, the native token has plunged 0.3% with a current trading price of $237.7, at the time of writing. Binance Coin (BNB)\u2019s price is moving sideways on the 4-hour chart. Source: BNB\/USDT on TradingView.com Featured image from Shutterstock, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":544473,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83379],"tags":[10768,11427,79611,6664,88700],"class_list":["post-544472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance-coin","tag-binance","tag-bnb","tag-bnbusdt","tag-crypto","tag-fdusd"],"acf":[],"yoast_head":"\nBinance Rolls Out Zero-Fee Stablecoin But Hits Pause Soon After: Here's Why<\/title>\n<meta name=\"description\" content=\"First Digital USD (FDUSD), a newly introduced stablecoin. 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These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Binance Rolls Out Zero-Fee Stablecoin But Hits Pause Soon After: Here’s Why","url":"http:\/\/wncen.com\/news\/binance-coin\/binance-rolls-out-zero-fee-stablecoin-but-hits-pause-soon-after-heres-why\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/binance-coin\/binance-rolls-out-zero-fee-stablecoin-but-hits-pause-soon-after-heres-why\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Binance-.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Binance-.jpeg?fit=750%2C536"},"articleSection":"Binance Coin","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance","bnb","bnbusdt","crypto","fdusd"],"dateCreated":"2023-07-26T13:00:55Z","datePublished":"2023-07-26T13:00:55Z","dateModified":"2024-06-11T14:39:05Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Binance Rolls Out Zero-Fee Stablecoin But Hits Pause Soon After: Here’s Why\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/binance-coin\\\/binance-rolls-out-zero-fee-stablecoin-but-hits-pause-soon-after-heres-why\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/binance-coin\\\/binance-rolls-out-zero-fee-stablecoin-but-hits-pause-soon-after-heres-why\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Binance-.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Binance-.jpeg?fit=750%2C536\"},\"articleSection\":\"Binance Coin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance\",\"bnb\",\"bnbusdt\",\"crypto\",\"fdusd\"],\"dateCreated\":\"2023-07-26T13:00:55Z\",\"datePublished\":\"2023-07-26T13:00:55Z\",\"dateModified\":\"2024-06-11T14:39:05Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Binance-.jpeg?fit=750%2C536","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/544472"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=544472"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/544472\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/544473"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=544472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=544472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=544472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}