Binance Expands Trading Support for Ripple (XRP): Everything You Need to Know

2023-09-06 07:57:41

Binance – the world’s largest cryptocurrency exchange – is expanding trading support for Ripple’s XRP. However, there’s more to that than meets the eye, so let’s dive in.

In its most recent announcement, Binance revealed that it is adding one more trading pair for Ripple’s XRP – XRP/FDUSD.
This came along with the addition of multiple pairs for ious cryptocurrencies.

Binance will open trading for the DOGE/FDUSD, SOL/FDUSD, TOMO/TRY, UNFI/TRY, and XRP/FDUSD trading pairs at 2023-0907 08:00 (UTC).

Right off the bat, users will be able to trade without paying for trading fees until there’s further notice of it.
But it’s also important to understand what FDUSD is.
It’s a reserve-backed stablecoin that’s issued by a subsidiary of a Hong Kong-based financial firm called First Digital Limited (hence the FD in the name).
The cryptocurrency was launched back in June 2023 on Ethereum and on the BNB Chain. There are plans for it to be issued on other networks as well.
One of the specifics is that FDUSD provides an “attestation of reserve” report.
The document is audited by independent specialists in a bid to attest to FDUSD’s complete backing and equivalent value.

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