Cryptocurrency exchange Binance will automatically convert some stable coins in user balances to BUSD starting September 29.
Binance to Auto-Convert $USDC, $USDP, $TUSD to #BUSD (Binance USD)
“To improve liquidity and capital efficiency for users, Binance is introducing auto conversion for existing user balances and new deposits in USDC, USDP and TUSD stabel coins at a 1:1 ratio,” the exchange wrote.
Stable coins – A Consolidated Balance Sheet
According to them, users will begin “trading with a consolidated balance of BUSD” that will reflect their holdings in the four stable coins.
This will not affect withdrawal choices: users can still withdraw funds in USDC, USDP and TUSD at a ratio of 1:1 to their BUSD-denominated account balance,” Binance stressed.
Last updated on September 7, 2022 9:01 pm
The changes will affect almost all functions and services of the platform, including:
- Spot trading – support for currency pairs like USDC/BUSD, USDC/USDT, USDP/BUSD, etc. will cease;
- Futures – for example, there will be no support for USDC in the USDⓈ-M instruments;
- Margin trading – support for lending on instruments based on the above-stablecoins will cease;
- Savings and Staking products – support for USDC-based Flexible Savings and DeFi Staking options will cease;
- Liquid Swap – the USDC/USDT pool will close; coins will be moved to spot wallets;
- Crypto-loans;
- Binance Pay;
- Binance Gift Card.
