Binance Will Stop Supporting The USDC Stablecoin

Binance crypto

✍️ 6 September, 2022 - 5:37 👤 Editor: Jakub Motyka

Binance just announced that will stop supporting the USD Coin (USDC), Paxos Standard (USDP) and TrueUSD (TUSD) stablecoins, in a move that will remove said stablecoins from their exchange at the end of this month of September.

Although it will still be possible to withdraw money from Binance in any of these stablecoins, what will no longer be operational is the trading of cryptocurrencies with USDC, USDP or TUSD as reference stablecoin. All the balance that users have in these stablecoins will be converted to Binance USD (BUSD).

Binance Introduces BUSD Auto-Conversion, The Automatic Conversion Of Other Stablecoins To Its Own

Through a new plan called BUSD Auto-Conversion, Binance has revealed that, in order to improve the liquidity and capital efficiency of its users, will convert all current and future balance in USDC, USDP and TUSD of its users into BUSD ( Binance USD), the native stablecoin of the exchange.

The change will take place next September 29 at 03:00h (UTC), being an automatic update in which it is not necessary for the user to do nothing to convert your stablecoins to Binance currency.

As Changpeng Zhao, CEO of Binance, has clarified, this is not a removal of these stablecoins from the exchange: they will simply no longer serve as a stable currency of reference to operate in the crypto market, although it will still be possible to withdraw money from the account in any of these currencies.

As of this update, Binance will remove the following operations from its platform:

  • ADA/USDC, ATOM/USDC, AUD/USDC, BCH/USDC, BNB/USDC, BTC/USDC, BTTC/USDC, EOS/USDC, ETH/USDC, LINK/USDC, LTC/USDC, SOL/USDC, TRX/USDC, WIN/USDC, XRP/USDC, ZEC/USDC, BNB/USDP, BTC/USDP, ETH/USDP, ADA/TUSD, BNB/TUSD, BTC/TUSD, ETH/TUSD, TRX/TUSD y XRP/TUSD.

It Does Not Seem That It Will Affect USDT, The Largest Stablecoin In The Market

On the other hand, it seems that the world's largest stablecoin, USD Tether (USDT), will not be affected by this measure. It will continue to be available among the stablecoins suitable for trading on the Binance exchange, and will be one more alternative along with BUSD (Binance USD) available when trading cryptos.

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Juan Pais

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