Binance, the world’s largest crypto exchange by volume, said on Monday that it will convert any existing user balances and new deposits of USD Coin (USDC), Pax Dollar (USDP) and True USD (TUSD) into the company’s own stablecoin. Binance will start converting to USD.
“In order to increase liquidity and capital-efficiency for users, Binance has introduced BUSD auto-conversion in 1:1 ratio for users’ existing balances and new deposits of USDC, USDP and TUSD stablecoins,” it said. said in a statement on Mondo.
Binance Said said it will remove and close any trades on spot pairs that include USDC, USDP and TUSD and that it will begin conversions on September 29.
Effective September 29, 2022, the exchange said that users will trade on the Binance platform with a consolidated BUSD balance, which reflects their balance of these four stable coins (BUSD, USDC, USDP and TUSD) after conversion, it says. that it will not affect the users. Withdrawal Option: Users will continue to withdraw funds in the ratio of 1:1 to their BUSD denominated account balances in USDC, USDP and TUSD.
USDC, which is primarily operated by Circle Internet Financial and is the second largest stablecoin, has a market capitalization of approximately $51.9 billion. Binance’s stablecoin, BUSD, is valued at approximately $19.4 billion, according to crypto data provider CoinGecko.
Affected USDC products include savings accounts, DeFi staking subscriptions and crypto loans, which will be closed and liquidated on 23 September.
An executive told Reuters last month that Binance’s clients are seeing a boom due to rising inflation and a historically strong dollar.
BNB Chain is a community driven blockchain software system. Binance USD or BUSD is a 1:1 USD-backed stablecoin approved by the New York State Department of Financial Services (NYDFS) and issued in partnership with Paxos.
(with inputs from agencies)
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