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Kaiko, a Paris-based crypto market data provider, reported that the stablecoin FDUSD saw a "notable" increase in its market share on Binance, the largest crypto exchange in the world by trading volume, at the end of July. Kaiko shared this statement in an August 19 post on its website.
"The stablecoin FDUSD's market share on Binance hit an all-time high of 39% at the end of July, reversing a downward trend that had persisted for the past three months," said , Research Team. "The increase is notable as the exchange had reintroduced zero taker fees for FDUSD trading pairs for its regular and VIP-1 users back in April. A closer examination of tick-trade data suggests that this surge in FDUSD volume was primarily driven by increased buying in Binance's four main FDUSD-denominated pairs, as well as a rotation into other stablecoins, particularly Tether's USDT. This is particularly interesting as Bitcoin saw strong selling on Binance's USDT markets during the same period."
According to Kaiko's release on August 19, First Digital USD (FDUSD) is a Hong Kong-regulated stablecoin launched in June 2023. It began trading exclusively on Binance’s platform shortly after its launch with "zero maker and taker fees." Within one year, FDUSD became the largest stablecoin on the market, averaging $6.5 billion in volume, nearly six times that of the next largest stablecoin, USDC.
