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Seeking Alpha 2022-09-06 13:00:39

Binance to convert users' USD Coin balances into exchange's stablecoin BUSD

Binance to convert users' USD Coin balances into exchange's stablecoin BUSD

Binance, the world's largest cryptocurrency exchange by trading volume, will start converting customers' existing balances and new deposits of USD Coin (USDC-USD), Pax Dollar and True USD (TUSD-USD) into its native stablecoin, Binance USD (BUSD-USD), the company said in a recently published statement.USDC (USDC-USD) is the second-largest dollar-pegged stablecoin with a market cap of $51.8B, according to data from CoinMarketCap. That's followed by BUSD (BUSD-USD) with a market value of $19.5B. Tether (USDT-USD) is worth $67.5B making it the top dog.The so-called BUSD Auto-Conversion, which will take effect on September 29, is intended to "enhance liquidity and capital-efficiency for users," Binance said. On that same day, the company noted it will end trading on spot pairs involving USDC, USDP or TUSD as it phases out rivals.The move will not impact user withdrawals, it added.Towards the end of August, Binance to accelerate blockchain sector in Busan, South Korea.

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