news.bitcoin.com
The world’s largest cryptocurrency trading platform by trade volume, Binance, issued a notice on Monday explaining that the exchange will be removing the stablecoin $USDC from the platform’s spot trading pairs list. Binance further details that users holding three types of stablecoins will see their balances auto-converted into $BUSD if the user does not remove the specific crypto asset from the exchange.
Binance to Delist Specific Stablecoin Trading Pairs by the End of September
- It seems Binance will be removing the world’s second-largest stablecoin usd coin ($USDC), a U.S. dollar-pegged token issued by the Centre consortium. During an announcement made on Monday, Binance explained that it plans to auto-convert certain stablecoin balances if the funds are not removed by September 29, 2022.
- “Fellow Binancians, 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,” the exchange said on September 5. Then the announcement further notes that Binance is sunsetting a few specific spot trading pairs.
- The pairs will be removed before the auto-conversion September 29 deadline and they will cease trading three days prior to the cut-off. “Binance will remove and cease trading on the following spot trading pairs at 2022-09-26 03:00 (UTC): $USDC/$BUSD, $USDC/$USDT, $USDP/$BUSD, $USDP/$USDT, $TUSD/$BUSD, $TUSD/$USDT,” Binance details.
- Three days after those pairs are removed, Binance will also discontinue $ADA/$USDC, ATOM/$USDC, AUD/$USDC, BCH/$USDC, $BNB/$USDC, $BTC/$USDC, BTTC/$USDC, EOS/$USDC, $ETH/$USDC, LINK/$USDC, LTC/$USDC, SOL/$USDC, $TRX/$USDC, WIN/$USDC, $XRP/$USDC, ZEC/$USDC, $BNB/$USDP, $BTC/$USDP, $ETH/$USDP, $ADA/$TUSD, $BNB/$TUSD, $BTC/$TUSD, $ETH/$TUSD, $TRX/$TUSD, and $XRP/$TUSD trading pairs on September 29.
- Some individuals on social media criticized the move while others applauded the decision. A great number of other individuals questioned why Binance made the decision. “Uhm… why is Binance de-platforming $USDC?” one person asked on Monday. “Why wouldn’t the largest crypto exchange do this?” another individual asked.
- In addition to being the largest crypto exchange by trade volume, Binance is the issuer of the third largest stablecoin $BUSD. The dollar-pegged crypto asset has a market valuation of around $19.44 billion. $USDC’s market cap is $51.89 billion today, just below tether’s ($USDT) market cap of around $67.59 billion.
- At the time of writing on September 5, 2022, at 4:15 p.m. (ET), the stablecoin $BUSD has recorded $6,667,316,743 in 24-hour trades, while $USDC has printed $5,789,291,326 in 24-hour trades. $USDT’s trade volume towers over both $BUSD and $USDC combined with $31.16 billion in swaps today. If $USDC no longer remains on the largest crypto trading platform by global trade volume, the crypto asset’s daily volume could see some changes.