Binance halts trading of FDUSD stablecoin due to ‘technical issues’

The recently introduced stablecoin, First Digital USD (FDUSD), which was scheduled to be noted on Binance on July 26, 2023, at 8:00 am UTC, has actually been delayed until 2:00 pm UTC on July 26 due to FDUSD pairs liquidity companies experiencing technical issues.In a statement, Binance stated it would stop trading for FDUSD on July 26 at 9:45 am UTC and cancel all pending FDUSD orders to ensure its users security. Independent third celebrations routinely monitor and audit the reserves, and the stablecoin is designed to be redeemed at a 1:1 value in U.S. dollars.Stablecoins are a class of cryptocurrencies backed by particular properties or that use algorithms to adjust their supply based on demand.The announcement specifies that the FDUSD is not just planned to be a programmable digital possession but likewise capable of interaction with monetary wise agreements, escrow services and insurance without the need for intermediaries. FDUSDs compatibility with Web3 technologies enables the possibility of producing services in the future and additional integrating with daily transactions.Related: USD-backed stablecoin pilot job released by Pacific island country of Palau Binance rolled out a promotion offering zero maker costs for all FDUSD trading pairs.