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

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 various 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.