Binance halts trading of FDUSD stablecoin due to ‘technical issues’

The precocious introduced stablecoin, First Digital USD (FDUSD), which was scheduled to beryllium listed connected Binance connected July 26, 2023, astatine 8:00 americium UTC, has been postponed until 2:00 p.m. UTC connected July 26 owed to FDUSD pairs’ liquidity providers experiencing method issues.

In a statement, Binance said it would halt trading for FDUSD connected July 26 astatine 9:45 americium UTC and cancel each pending FDUSD orders to guarantee its users’ protection. Hong Kong-based First Digital Group announced the launch of the United States dollar-pegged FDUSD on June 1.

On July 26, First Digital Group announced the upcoming debut and listing of its stablecoin connected Binance. 

Screenshot of the trading postponement. Source: Binance

According to the statement, FDUSD is afloat backed by currency and currency equivalents held successful segregated accounts wrong regulated fiscal institutions. Independent 3rd parties regularly show and audit the reserves, and the stablecoin is designed to beryllium redeemed astatine a 1:1 worth successful U.S. dollars.

Stablecoins are a people of cryptocurrencies backed by circumstantial assets oregon that usage algorithms to set their proviso based connected demand.

The announcement states that the FDUSD is not lone intended to beryllium a programmable integer plus but besides susceptible of enactment with financial astute contracts, escrow services and security without the request for intermediaries. Furthermore, FDUSD’s compatibility with Web3 technologies enables the anticipation of creating solutions successful the aboriginal and further integrating with mundane transactions.

Related: USD-backed stablecoin aviator task launched by Pacific land federation of Palau

Binance rolled retired a promotion offering zero shaper fees for each FDUSD trading pairs. Throughout the promotional period, each users could instrumentality vantage of zero shaper fees connected existing FDUSD spot trading pairs, and any caller FDUSD spot and margin trading pairs.

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.

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