Binance Converts USDC, USDP, TUSD Balances to BUSD

Binance Converts USDC, USDP, TUSD Balances to BUSD

Binance converts balances in USDC, USDP, TUSD to BUSD

Binance cryptocurrency exchange will start automatically converting some stablecoins on user balances to BUSD from September 29.

“In order 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 stablecoins at a 1:1 ratio,” the exchange wrote.

By According to them, users will begin to “trade a consolidated BUSD balance” that will reflect their assets in four stablecoins.

“This will not affect the choice when withdrawing funds: users can still withdraw funds in USDC, USDP and TUSD at a ratio of 1:1 to the balance of the account denominated in BUSD,” Binance emphasized.

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 be discontinued;
  • futures — for example, support for USDC in USDⓈ-M instruments will cease;
  • margin trading — lending support for instruments based on the above stablecoins will cease;
  • savings and staking products — Flexible Savings and DeFi Staking options based on USDC will no longer be supported;
  • Liquid Swap — USDC/USDT pool will be closed, coins will be transferred to spot wallets;
  • crypto loans;
  • Binance Pay;
  • Binance Gift Card.

Exchange representatives also noted that they may change the list of stablecoins subject to auto-conversion in the future.

Formerly Binance has suspended the corporate account of the Tezos ecosystem-focused startup Baking Bad.

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