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Home Crypto

Binance converts Stable coins USDC, USDP and TUSD to BUSD on balance

Crypto Stable Coins

Sergio Richi by Sergio Richi
5 months ago
in Crypto
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Binance converts Stable coins USDC, USDP and TUSD to BUSD on balance
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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)

#Binance to Auto-Convert $USDC, $USDP, $TUSD to #BUSD (Binance USD).

— Binance (@binance) September 5, 2022

“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.

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Last updated on January 23, 2023 10:46 am
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.
Exchange officials also noted that they may change the list of stabel coins subject to auto-conversion in the future. Earlier, Binance blocked the corporate account of Tezos ecosystem-oriented startup Baking Bad. bybit ads bannerAs an Amazon associate I earn from qualifying purchases. Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply to the purchase of this product.
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Sergio Richi

Sergio Richi

Sergio Richi is the founder and proprietor of Logll.com. He specializes in writing about Cyber Security issues and topics related to this field. His work focuses on providing readers with comprehensive knowledge about the latest developments in the world of technology. He authors content on Business, Cars, Cool Gadgets, Laptops Reviews, Finances and Cryptocurrencies, as well as exploring developments in Information Security.

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