- Binance introduces new FDUSD trading pairs for ALT, ETHFI, IO, MEME, PYTH, TNSR, and TAO, offering zero-fee trading, which has also coincided with price surges in listed tokens.
- Binance increases broker user fees, impacting prime brokers’ competitive edge and encouraging direct trading on its platform.
Binance, the world’s largest cryptocurrency exchange, has revealed plans to introduce new FDUSD trading pairs for both cross margin and isolated margin trading.
The exchange will list several cryptocurrencies including ALT (Altlayer), ETHFI (Ether.fi), IO (io.net), MEME (Memecoin), PYTH (Pyth Network), TNSR (Tensor), and TAO (Bittensor).
This announcement, made on June 28, has sparked interest within the crypto community, with many speculating about potential price increases for these tokens following their FDUSD listing.
Details of the New Trading Pairs
Binance’s official announcement outlined the specifics of the new FDUSD cross and isolated margin trading pairs.
Users can now trade FDUSD pairs for Memecoin, ETHFI, Pyth, Bittensor, Altlayer, Tensor, and IO.
The new trading pairs are identical for both cross margin and isolated margin trading: ALT/FDUSD, ETHFI/FDUSD, IO/FDUSD, MEME/FDUSD, PYTH/FDUSD, TNSR/FDUSD, and TAO/FDUSD.
As an added incentive, Binance is offering zero-fee trading on FDUSD pairs, with the exact terms depending on users’ VIP levels.
The exchange stated that this move aims to enhance user trading experience by expanding trading options, allowing for greater portfolio diversification and more flexible trading strategies.
Market Impact and Price Movements
The announcement has coincided with positive price movements for the listed tokens. In the 24 hours following the news, these cryptocurrencies experienced gains ranging from 1% to 6%.
Memecoin (MEME) saw a 4.97% increase, trading at $0.01978 with a 24-hour volume of $34.1 Million. Ether.fi (ETHFI) rose by 5.69% to $3.34, with a volume of $121Million.
Pyth Network (PYTH) experienced the largest increase of 6.21%, trading at $0.326 with a volume of $65.1 Million.
IO.net (IO) with the least price increase among these selected coins, gained 1.23%, reaching $3.49 with a volume of $183.3 Million. This upward trend aligns with the broader altcoin rally, which has been following Bitcoin’s recent price increase earlier this week.
Bitcoin itself was trading at $61,476.59, up 1.18% over 24 hours, with a trading volume of $24 billion.
