Binance, the world's largest cryptocurrency exchange by volume, announced today that it would begin auto-converting existing and new deposits of USDC, USDP, and TUSD stablecoins into its native BUSD—effectively delisting three rival stablecoins.
The company says the move will enhance liquidity and capital efficiency for users.
Among stablecoins, USDC is the second largest by market cap at $51 billion, according to CoinMarketCap. Binance’s BUSD stablecoin is a distant third, with a market cap of $19 billion—less than half that of USDC. This move effectively removes direct custody of USDC (and USDP and TUSD) for Binance’s 28 million users.
"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 said in a support post announcing the change, adding that the change is set to take effect on September 29.
Users will be able to see the converted balance on their accounts within 24 hours, the exchange says, adding that the minimum amount for manual conversion is 1 USDC, USDP, or TUSD. Accounts with lower balances auto-convert to BUSD.
Binance says it may amend the list of stablecoins eligible for auto-conversion.
The news of Binance's decision was met with some skepticism, noting the move converts rival stablecoins into Binance's own.
AD
AD
"Crypto monopoly 101, Binance will remove $USDC as a tradable asset by Sep 25 to push their $BUSD." wrote @BloodgoodBTC on Twitter. "Binance is deleting competitors like Google did 10 years ago."
Crypto monopoly 101
Binance will remove $USDC as a tradable asset by Sep 25 to push their $BUSD.
They also hired ex Brazilian central Bank President as advisor, because bankster connections matters. For regulations.
Binance is deleting competitors like Google did 10 years ago.
Additional changes announced by the company include the removal of support for USDC, USDP, and TUSD products, including spot trading, futures, and margin lending.
The largest stablecoin, Tether (USDT), has a market cap of $67 billion and will remain accessible on Binance.
Stay on top of crypto news, get daily updates in your inbox.
Top college football prospect Matai Tagoa’i is set to join football stars like Russell Okung, Odell Beckham Jr., and Trevor Lawrence by receiving his compensation in Bitcoin.
The linebacker will be paid part of his earnings via the Strike app after signing a “name, image, and likeness” (NIL) deal with the University of Southern California (USC).
The exact details of his package are not known, but some college football players, such as Shedeur Sanders, have received estimated payouts of up to $4....
The world’s largest asset manager BlackRock just debuted a new advertisement proselytizing the virtues of Bitcoin, but rather than cheer on the Bitcoin ETF issuer for its efforts, Bitcoiners aren’t happy.
The video, which is housed on the iShares Bitcoin Trust (IBIT) ETF page on BlackRock’s website, spends three minutes walking viewers through the evolution of money and key fundamentals of Bitcoin.
One of those fundamentals is Bitcoin’s 21 million fixed token supply.
While the video explains t...
El Salvador may have reached a deal with the International Monetary Fund that will see the tiny country scale back its Bitcoin law—but it’s still going to “HODL.” And it might even step up its BTC buys.
That’s according to Stacy Herbert, the head of El Salvador’s National Bitcoin Office, who wrote on X (formerly known as Twitter) Thursday that the country may even continue buying the cryptocurrency at an “accelerated pace” going forward.
El Salvador in 2021 made Bitcoin legal tender along with...
