The Business Times

Binance to convert users’ USDC into its own stablecoin

Published Tue, Sep 6, 2022 · 06:53 AM

BINANCE, the world’s largest crypto exchange, said on Monday it is introducing “BUSD Auto-Conversion,” which will be used to convert any existing user balances and new deposits of USD Coin (USDC), Pax Dollar (USDP) and True USD (TUSD) into its own stablecoin.

The move is intended to enhance liquidity and capital efficiency for users, the company said in a statement.

Binance said it will remove and cease any trading on spot pairs that include USDC, USDP and TUSD; it will start the conversion on Sept 29.

USDC, which is principally operated by Circle Internet Financial and is the second largest stablecoin, has a nearly US$51.9 billion market capitalisation.

Binance’s stablecoin, BUSD, is valued at about US$19.4 billion, according to crypto data provider CoinGecko.

USDC products affected include saving accounts, DeFi staking subscriptions and crypto loans, which will be closed and liquidated on Sept 23. REUTERS

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