Binance is introducing “BUSD Auto-Conversion” to any existing user balances and new deposits of USD Coin (USDC), Pax Dollar (USDP), and True USD (TUSD) into its own stablecoin.
The world’s largest crypto exchange in the world, in terms of daily trading volume of cryptocurrencies, said in a statement on Monday that the move is intended to enhance liquidity and capital efficiency for users.
Binance has also stated that it will remove and cease any trading on spot pairs that include USDC, USDP, and TUSD.
The crypto exchange will start the conversion on September 29.
USDC was first announced on 15 May 2018 by Circle and was launched in September 2018. On March 29, 2021, Visa announced that it would allow the use of USDC to settle transactions on its payment network. As of July 2022, Circle stated that there were 55 billion USDC in circulation.
USDC, which is the second largest stablecoin, is mainly operated by Circle Internet Financial. USDC has a nearly $51.9 billion market capitalization. Quoting crypto data provider CoinGecko, Reuters wrote that Binance’s stablecoin BUSD is valued at about $19.4 billion.
Here’s “How to convert?”
As mentioned in the statement, USDC products affected include saving accounts, DeFi staking subscriptions, and crypto loans, which will be closed and liquidated on Sept. 23.
An online exchange where users can trade cryptocurrencies, Binance supports the most commonly traded cryptocurrencies. Binance provides a crypto wallet for traders to store their electronic funds. The exchange also has supporting services for users to earn interest or transact using cryptocurrencies.
