Trading pairs with the stablecoin First Digital USD (FDUSD) accounted for 38% of the total spot trading volume on Binance. This figure has increased by 42.6% in just one month.
Rebecca Stevens, senior analyst at The Block, has attributed this increase to the fact that BTC/FDUSD trading is commission-free, and many other pairs with this stablecoin have no maker fees.
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In addition, when Binance officially withdrew its own BUSD stablecoin, it is likely that more users migrated to the new stablecoin offered by First Digital.
FDUSD, which was launched in June 2023 by Hong Kong-based custody and trust company First Digital, was listed on Binance a month later with a commission-free trading program.
Binance's former CEO, Changpeng Zhao, has previously criticized USDT, referring to it as a "black box" with a certain level of risk.