FDUSD, the First Digital USD stablecoin, has surpassed USDC to become the second most popular pair for Bitcoin in the past five months, attributed to Binance’s zero-trading fee program. According to CCData’s stablecoin report, FDUSD’s trading volume on centralized exchanges, particularly Binance, has surged, leading to record market capitalization. In January, FDUSD’s volume increased by 51.1% to $122 billion, making it the second most traded pair after USDT. The overall trading volume of stablecoins on centralized exchanges also saw a 4.54% rise to $70.63 trillion in January, the highest level since December 2021. The report states that the BTC/FDUSD pair on Binance had the highest trading volume on the exchange following the approval of spot Bitcoin ETFs in the US. This pair had a monthly trading volume of $80.8 billion in January, while the BTC/USDT pair on Binance had a volume of around $60 billion for the same period. This highlights the top Bitcoin trading pairs on the exchange. (Courtesy of CCData). FDUSD’s market value rose by around 13% to reach a record high of $2.44 billion, increasing its stablecoin market share to 15.6%. FDUSD has become a highly sought-after stablecoin recently, largely due to Binance’s vigorous promotion of the digital asset. After facing regulatory challenges, Binance USD (BUSD) encouraged its users to switch to FDUSD and unveiled new products to encourage the use of the stablecoin on its platform. Despite these developments, USDT still maintains its dominance in the market. Tether’s USDT continues to lead the stablecoin market by a significant margin, holding approximately 75% of the market share among the top 10 stablecoins, despite the rise of FDUSD. Data from CCData shows the dominance of the top 10 stablecoins in the sector. It continues to be the most popular trading pair on centralized exchanges, with a total monthly trading volume of $241 billion. USDT’s market capitalization has increased by 1.23% in February and now sits at $97.3 billion, setting a new high for the stablecoin’s circulating supply. At the same time, the stablecoin held a market share of 70.6% as of February. JPMorgan analysts have raised concerns about USDT’s strong position in the cryptocurrency market, suggesting it could be harmful to the industry. However, Tether CEO Paolo Ardoino strongly denied this assertion in the article.