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.
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.
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.
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.