San Francisco, Sep 6 : Leading cryptocurrency exchange Binance has announced that it will end the support of three stablecoinsUSDC, USDP and TUSD USDC, USDP and TUSD — and will combine the three stablecoins in BUSD, its own stable coin, BUSD.The company explained that the move, which will be effective as of September 29, will improve capital efficiency and liquidity for customers.
In the end, Finance will cease spot future, margin and spot trading with USDC, USDP and TUSD stablecoins.
“Binance introduces BUSD auto-conversion for existing balances as well as new deposits of USDC, USDP and TUSD stablecoins in 1:1 ratio,” the crypto exchange announced in an announcement at the end of Monday.
“Users will be able to trade with an aggregate BUSD balance on the Binance Platform that reflects their balances of the four stablecoins (BUSD, USDC, USDP and TUSD) after exchange,” it said.
Binance confirmed that the change will not affect the users’ choice of withdrawal options and they will be allowed to access money in USDC, USDP and TUSD in 1:1 with their BUSD denominated balance.
The existing USDC, USDP and TUSD balances in user accounts will be converted automatically into BUSD on the 29th of September All users will be able view the balance converted at any time within the next 24 hours.
The minimum amount required for manual conversion is one USDC, USDP or TUSD.
Balances of users of less than USDC, USDP or TUSD will be converted as part of the auto-conversion.
USDC is issued by Circle and is the second-largest stablecoin with an estimated market capitalization of more than $50 billion.BUSD is a stablecoin with a market capitalization of $19.3 billion.
Stablecoins are digital currency units of value that depend on stabilisation tools to ensure an unchanging value in relation to one or more different currencies, or assets (including crypto-assets).
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