Binance to Terminate Support for USDC as Tradable Asset

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  • Binance plans to auto-convert contending stablecoins USDC, TUSD, USDP, and incoming stablecoin deposits into BUSD.
  • Also, the exchange will remove USDC pairs from September 26.
  • The leading exchange stated that the auto-conversion functionality is for capital efficiency and liquidity.

The world’s leading crypto exchange by volume, Binance, revealed plans to auto-convert user USDC and other (two) stablecoins into Binance’s native BUSD. It will begin the auto-conversion on September 29, 2022.

The Monday notice had the crypto site telling users about the auto-convert functionality usage on stablecoins TUSD and USDP.

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Binance’s blog post indicated the move to improve capital efficiency and liquidity for users, introducing the BUSD Auto-Conversion for client new deposits and existing balances of TUSD, USDP, and USDC stablecoins at 1:1 proportion.

Also, the transition will allow exchange customers to trade while BUSD shows in the investment accounts. That means, though investors will continue depositing any listed stablecoin, their account balances will reflect consolidated balances in BUSD/USD (Binance USD).

Meanwhile, Binance customers can opt for manual conversion of the mentioned token into BUSD and wait for automation during the highlighted date. Nevertheless, users will keep withdrawing money in the BUSD balances at a 1:1 ratio in any of USDP, TUSD, and USDC.

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Binance Halts USDC Spot Pairs

Besides converting USDP, USDC, and TUSD, Binance plans to halt the support of spot pairs for the stablecoins. Spot trading pairs USDC/USD, USDC/BUSD, and similar ties for TUSD and USDP will also stop on September 26, 2022.

The exchange plans to stop USDC spot trading on September 29, 2022. The removal will impact several cryptos, including USD Coin pairs of BTC, ADA, ETH, and LTC.

Users would no longer access tradeable pairs such as BCH/USDC, XRP/USDC, SOL/USDC, LINK/USDC, EOS/USDC, ATOM/USDC, and BNB/USDC. Enthusiasts can expect USDC to vanish from Binance on the mentioned date.

Binance’s stablecoin BUSD had its market capitalization at around $19.3 billion during this publication. The news saw the asset’s daily volume trades gaining more than 56% to above $6.5 billion (Coinmarketcap data).

What are your thoughts about Binance halting USDC support as a tradeable asset? You can use the comment section below for your reply.

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