Binance to convert users’ USDC into its own stablecoin
Add BT as a preferred source
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
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
NDR 2026: Singapore to create new Western island to support 'new generation of industries'
MSCI drops S-E Asian heavyweights Sembcorp, GoTo and Ayala Land from global benchmarks
E-commerce is killing ‘real’ commerce, says China’s beverage king Zhong Shanshan
Asia-Pacific aviation: is up really the only way?
