FDUSD Market Cap Jumps By 20% Following Binance Directive

FDUSD Market Cap Jumps By 20% Following Binance Directive

The First Digital USD (FDUSD) stablecoin has recorded a significant rise in its market cap following an announcement by the Binance exchange in August. FDUSD, a dollar-pegged stablecoin, was recently launched on June 1, 2023, debuting on the Ethereum network and the BNB Smart Chain. The token was officially listed for specific trading pairs on the crypto exchange in July.

Binance’s Directive Drives Adoption Of FDUSD 

On August 31, Binance confirmed reports of intention to halt support for Binance USD (BUSD) stablecoin following the regulatory embargo on the token’s issuance.

Trending: One of America’s Largest Pharmacies Proposes to Close Hundreds of Stores in Bankruptcy

Back in March, The New York Department of Financial Services (NYDFS) had ordered Paxos Trust, the issuing company of BUSD, to cease minting the stablecoin. Since then, BUSD’s market supply has taken a nosedive, crashing

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