Binance—the global leader in cryptocurrency trading volume—has expanded its menu of trading pairs. Effective September 7, 2023, at 08:00 UTC, the new pairs will include Dogecoin (DOGE), Solana (SOL), TomoChain (TOMO), Unifi Protocol DAO (UNFI), and, most notably, Ripple’s XRP—all with FDUSD, a newly introduced stablecoin.
XRP Price Gains New Attention
This move comes on the heels of mounting purchasing activity for XRP on Binance, positioning the cryptocurrency just a shade behind Coinbase. With the XRP/FDUSD trading pair now in the lineup, Binance offers a grand total of 14 spot trading pairs for XRP, encompassing crowd favorites like XRP/USDT and XRP/BTC. As of press time, XRP is trading at a cautious $0.503, marking a slight 0.4% dip over the last 24 hours. The burning question now: Will this new trading pair serve as a catalyst for an XRP resurgence?
A Closer Look at FDUSD
FDUSD—short for First Digital USD—is a dollar-pegged stablecoin launched in June by Hong Kong-based custodian firm, First Digital. Despite its recent entry, FDUSD has already become the 11th largest stablecoin by market capitalization, currently valued at approximately $393.7 million. Available on both Ethereum and BNB Chain Networks, this stablecoin is set to see significant valuation gains, thanks in part to Binance’s latest move.
The Allure of Zero Maker Fees
Binance has further sweetened the pot by announcing zero maker fees for the new FDUSD trading pairs, a strategy that has historically proven successful in boosting liquidity. While other competitors like Coinbase have previously employed the ‘zero fee’ tactic, the temporary nature of Binance’s offer leaves traders eager yet cautious. It remains to be seen how long this incentive will remain in effect and what impact it will have on FDUSD’s market activity.
TRY Stands for Fiat Currency
While the majority of the attention is likely to focus on FDUSD pairs, Binance has also introduced two new trading pairs with TRY (Turkish Lira)—TOMO/TRY and UNFI/TRY. The exchange made explicit that TRY is a fiat currency to avoid any potential confusion with digital assets.
The new trading pairs and fee structures by Binance will increase trading volume however
it is important to note that a surge in liquidity doesn’t necessarily equate to asset price inflation!