Binance, the world’s largest exchange by volume, has added a little-known Hong Kong-based stablecoin to its list of trading pairs. This comes amid a liquidity crunch across the industry, with total stablecoin supply steadily declining over the past few months.

On Wednesday, Binance launched its first digital dollar (FDUSD) stablecoin, an asset first released in June. While the trading venue announced that the listing was delayed by several hours later that day due to “technical issues,” Coingecko said that after the final launch, the token had a trading volume of about $5.5 million across three trading pairs.

The Binance listing is notable because the asset is still young and has low trading volume, and its issuing team has a low profile. FDUSD is listed on Ethereum and Binance Smart Chain, has been used in less than 60 transactions on both chains, and is held in just eight wallets. The token’s first transaction was posted just 61 days ago and has a market cap of less than $20 million.

The asset’s June 1 announcement coincided with the coming into effect of new exchange laws in Hong Kong. The stablecoin’s white paper mentions independent third-party certification and supporting audits but does not name any financial institutions. Issuer First Digital Trust has raised more than $25 million through multiple rounds of funding. None of the executives listed on the company’s website mention any previous cryptocurrency companies in their resumes.

Binance’s launch of FDUSD comes at a time when the overall supply of stablecoins is shrinking rapidly. A recent report from Coingecko found that stablecoin supply fell by $4.6 billion in 2023.

The market value of BUSD, which is branded by Binance and issued by Paxos, peaked at more than $23 billion in November 2022, and the circulation has fallen below $4 billion after Paxos decided to stop minting new tokens after receiving the Wells notice.