Binance is moving to prioritize BUSD, over several others on its cryptocurrency exchange
Binance announced a “BUSD Auto-Conversion” that will start on Sept. 29 to “enhance liquidity and capital-efficiency for users.”
#Binance to Auto-Convert $USDC, $USDP, $TUSD to #BUSD (Binance USD).
— Binance (@binance) September 5, 2022
Binance to end support for USDC, two other stablecoins in favor of its own BUSD
Binance is introducing the conversion for users’ existing balances and new deposits of USDC, USDP, and TUSD stablecoins at a 1:1 ratio. USDC is the second-largest stablecoin by total supply, and the USDC/USDT pair saw the 11th highest volume on Binance in the last 24 hours.
“With effect from 2022-09-29 03:00 (UTC), users will trade with a consolidated BUSD balance on the Binance Platform that reflects their balances of these four stablecoins (BUSD, USDC, USDP, and TUSD) post-conversion. This will not affect users’ choice of withdrawal: users will continue to be able to withdraw funds in USDC, USDP, and TUSD at a 1:1 ratio to their BUSD-denominated account balance,” Binance stated.
Binance will also end trading pairs for the three stablecoins against BUSD and Tether (USDT) as well as major cryptocurrencies like bitcoin and ether. The stablecoin-to-stablecoin pairs will close on Sept. 26, with the stablecoin-to-crypto pairs ending on the 29th.
“All pending trade orders will be automatically removed after trading ceases in each respective trading pair. Users can then trade the assets in the respective BUSD trading pairs,” Binance said. The announced changes cut across a number of Binance services beyond its exchange, including its staking, payment, and gift card offerings.
The result of the decision means Binance will prioritize the use of its stablecoin above other market contenders. The announcement may also signal a push by Binance to expand the market share for BUSD.
Read more:
- Binance CEO: Security Team Had Identified Two Suspects In Relation To KyberSwap Hack
- Although Binance CEO Denied The Rumors Of Being Arrested By FBI, BNB Price Still Dropped Below $280