invezz.com
Binance, the world’s largest cryptocurrency exchange by volume, has announced it will auto-convert users’ USD Coin ($USDC) and two other stablecoins into the native Binance USD ($BUSD) starting 29 September 2022.
The crypto platform said in a Monday notice to customers that the auto-convert feature will also be utilised for the stablecoins $USDP and $TUSD.
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“In order to enhance liquidity and capital-efficiency for users, Binance is introducing $BUSD Auto-Conversion for users’ existing balances and new deposits of $USDC, $USDP and $TUSD stablecoins at a 1:1 ratio,” Binance wrote in a blog post.
From 03:00 UTC on the effective date, the exchange’s users will only be able to trade with $BUSD showing in their account. This means that although users will continue to deposit any of the listed stablecoins, their accounts will only reflect a consolidated balance in Binance USD ($BUSD/USD).
Binance users can choose to convert the above stablecoins into $BUSD manually, but this will be automated on the indicated date. However, customers will continue to withdraw funds from their $BUSD balances in any of $USDC, $TUSD and $USDP at 1:1 ratio.
Binance removes $USDC spot pairs
As well as converting $USDC, $USDP and $TUSD, Binance expects to stop supporting spot trading pairs for these stablecoins.
Spot trading pairs $USDC/$BUSD, $USDC/USDT and similar combinations for $USDP and $TUSD will also cease on 26 September 2022 at 03:00 (UTC).
Meanwhile, the platform plans to halt spot trading for $USDC on 29 September 2022, with the removal affecting multiple cryptocurrencies including $USDC pairs of Bitcoin (BTC), Cardano (ADA), Ethereum (ETH) and Litecoin (LTC).
Other tradable pairs removed will be ATOM/$USDC, BCH/$USDC, BNB/$USDC, EOS/$USDC, LINK/$USDC, SOL/$USDC, and XRP/$USDC among others.
By the said date, $USDC will no longer be a tradeable asset on Binance.