{"id":11371,"date":"2024-03-06T18:14:03","date_gmt":"2024-03-06T16:14:03","guid":{"rendered":"https:\/\/forklog.com\/en\/fdusd-stablecoin-temporarily-loses-dollar-peg\/"},"modified":"2024-03-06T18:14:03","modified_gmt":"2024-03-06T16:14:03","slug":"fdusd-stablecoin-temporarily-loses-dollar-peg","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/fdusd-stablecoin-temporarily-loses-dollar-peg\/","title":{"rendered":"FDUSD Stablecoin Temporarily Loses Dollar Peg"},"content":{"rendered":"

On March 5th, the value of Binance-backed stablecoin First Digital USD (FDUSD) briefly dropped to $0.92.<\/p>\n

\"FDUSD
15-minute FDUSD\/USDT chart on Binance. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

The “stablecoin” quickly regained parity with the US dollar.<\/p>\n

FDUSD was launched in June 2023 by the Hong Kong-based custodial and trust company First Digital. The asset is available on the Ethereum and BNB Chain networks.<\/p>\n

A month later, Binance listed the asset<\/a> with a zero trading fee promotion.<\/p>\n

In early August, then-CEO of Binance Changpeng Zhao criticized Tether’s USDT, calling the largest stablecoin by market capitalization a “black box” with a “certain” level of risk. It was subsequently revealed that the exchange had converted part of its USD Coin (USDC) reserves into another coin.<\/p>\n

The exchange later informed users of its intention to cease support for its own stablecoin BUSD in 2024. Binance suggested clients convert their holdings to FDUSD.<\/p>\n

Analysts at Kaiko noted that the initial support measures by the exchange did not lead to a significant increase in the new stablecoin’s popularity among users. However, in February 2024, experts from The Block observed that spot trading volumes on Binance with FDUSD reached 38%<\/a> of the total volume.<\/p>\n

According to CoinGecko<\/a>, over the past 24 hours, Binance has again been the largest market for First Digital’s coin.<\/p>\n

\"FDUSD
Data: CoinGecko.<\/figcaption><\/figure>\n

The service identifies<\/a> FDUSD as the fourth-largest stablecoin by market capitalization at $3 billion. It significantly trails the segment leader USDT ($99 billion), but its growth over the month was 20%.<\/p>\n

Earlier, Adrian Orr, Governor of the Reserve Bank of New Zealand, described the term “stablecoin” as an oxymoron.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

On March 5th, the value of Binance-backed stablecoin First Digital USD (FDUSD) briefly dropped to $0.92. 15-minute FDUSD\/USDT chart on Binance. Data: TradingView. The “stablecoin” quickly regained parity with the US dollar. FDUSD was launched in June 2023 by the Hong Kong-based custodial and trust company First Digital. The asset is available on the Ethereum […]<\/p>\n","protected":false},"author":1,"featured_media":11370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,807],"class_list":["post-11371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/11371","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=11371"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/11371\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/11370"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=11371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=11371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=11371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}