“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.
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.
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