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Binance, one of the leading cryptocurrency exchanges, has successfully completed the conversion of select altcoin holdings into USD Coin (USDC). This process took place over a span of several months, from April 21, 2024, to October 15, 2024, allowing users to streamline their portfolios by converting various altcoins they held into a more stable digital currency.
What Altcoins Were Affected by the Conversion?
During this conversion period, several altcoins were impacted, including MDA, HNT, MITH, YFII, and MIR, among others. For instance, the YFII altcoin was converted into 323.95 USDC, while the REP token was valued at 1.0023 USDC during the transaction. This conversion was based on user wallet balances as of a specific timestamp.
Where Can Users Find Their USDC Balances?
Users can view their newly converted USDC balances within their Binance accounts. The exchange has encouraged users to check the “Distribution” tab to see their updated balances. Additionally, balances can be verified under the “Wallet > Transaction History > Distribution” section.
Binance’s decision to convert altcoins into USDC is aimed at increasing liquidity for lesser-known altcoins, offering users greater stability. Key points include:
- The conversion period spanned from April 21 to October 15, 2024.
- Altcoins such as YFII, REP, and others were successfully converted.
- Users can easily check their new USDC balances in their accounts.
This initiative has garnered positive reactions from users, highlighting Binance’s commitment to enhancing user experience and liquidity in the cryptocurrency market.