Sep 06, 2022 Camille A. Hanard
Binance, the world's largest crypto exchange, will start auto-converting any existing and new deposits in USDC, the second ranked stablecoin by market cap, and two other stablecoins USDP and TUSD into the company’s own stablecoin BUSD at a 1:1 ratio starting from September 29th, according to a statement released yesterday.
Binance has also specified that it plans to remove and cease any trading on spot pairs that involve USDC, USDP, or TUSD starting from September 26th. “Users can then trade the assets in the respective BUSD trading pairs".
“This will not affect users' choice of withdrawal: users will continue to be able to withdraw funds in USDC, USDP, and TUSD at a 1:1 ratio to their BUSD denominated account balance”, the statement specifies.
According to Binance, this move comes as a measure “to enhance liquidity and capital efficiency for users”. However, Tether (USDT) the largest stablecoin by market cap will not be auto-converted to BUSD.
Additionally, Binance will remove USDC from margin lending, saving & staking, liquid swap, crypto loans, gift cards, and other services on the exchange