Binance, the largest crypto exchange by volume, will start converting any existing user balances and new deposits of USD Coin (USDC), Pax Dollar (USDP) and True USD (TUSD) into the company’s own stablecoin, according to a statement published on Monday. The conversion is scheduled to begin Sept. 29.
(Bloomberg) — Binance, the largest crypto exchange by volume, will start converting any existing user balances and new deposits of USD Coin (USDC), Pax Dollar (USDP) and True USD (TUSD) into the company’s own stablecoin, according to a statement published on Monday. The conversion is scheduled to begin Sept. 29.
USDC, issued by Circle Internet Financial, is the second-ranked stablecoin after Tether, with a market value of nearly $52 billion, according to data from CoinGecko. Binance’s stablecoin, BUSD, is a distant third at around $19.3 billion.
Read more: Circle’s USD Coin Reaps the Benefits of Tether Circulation Drop
The exchange said the move is intended to “to enhance liquidity and capital-efficiency for users.” Binance will also remove and stop any trading on spot pairs that involve USDC, USDP or TUSD, the exchange said in the statement.
Current Binance-offered USDC products affected include crypto loans, which will be closed and liquidated as of Sept. 23; USDC-denominated savings accounts; DeFi staking; and the USDC/USDT liquidity pool.
Circle did not immediately return a request to comment on the Binance announcement.
Read more: How Stablecoins Became a Powerful Force in Crypto
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