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Binance, the third-largest stablecoin in the world, announced on Monday that it would convert customer holdings into three competing stablecoins, USD Coin (USDC), Pax Dollar (USDP), and True USD (TUSD), into its stablecoin (BUSD) on September 29. The action is to "enhance liquidity and capital-efficiency for users." https://twitter.com/binance/status/1566939237131354118
USDC/USDT Pair
The USDC/USDT pair on Binance experienced the 11th greatest volume over the past 24 hours. USDC is the second-largest stablecoin in terms of the total supply. The largest cryptocurrency exchange in the world announced that it would discontinue spot, future, and margin trading with USDC, USDP, and TUSD pairs as a result of the action. The blog post says, "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."
Binance to Pause Three Stablecoins Trading
Additionally, Binance will stop trading the three stablecoins against the US dollar, Tether (USDT), and other significant cryptocurrencies like Bitcoin and Ether. The stablecoin-to-stablecoin groups and stablecoin-to-crypto pairs will end on September 26 and 29, respectively. As a result of the move, Binance, the largest cryptocurrency exchange in the world by volume, will give preference to the use of its stablecoin over other competitors. The declaration can also represent a move by Binance to increase the market share of BUSD. Stablecoins are a fundamental component of the cryptocurrency market and act as virtual alternatives to the dollar or other fiat currencies. Their price is linked to a traditional currency, making them "stable." The quality of the assets supporting a stablecoin can affect how much the price varies. For example, each token tied to the dollar is always expected to sell for exactly $1.