Binance to Auto-Convert USDC, Two Others, To BUSD

Twitter icon  •  Published há 1 ano  •  Hassan Maishera

Binance, the world's leading crypto exchange, has revealed that it would be auto-converting USDC and two other stablecoins to BUSD in a bid to increase liquidity.

Binance, the world’s largest cryptocurrency exchange, announced in a blog post on Tuesday, that it is collapsing a few stablecoins on its platform. The stablecoins will be auto-converted to BUSD in a bid to enhance liquidity and capital efficiency for users.

The crypto exchange said it is introducing BUSD Auto-Conversion for users' existing balances and new deposits of USDC, USDP, and TUSD stablecoins at a 1:1 ratio. This latest development will take effect from September 29, 2022. 

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.

Binance said the conversion would not affect users' choice of withdrawal as 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. 

In its blog post, Binance said;

“Existing USDC, USDP and TUSD balances in user accounts will be automatically converted to BUSD 2022-09-29 at 03:00 (UTC) (“Auto-Conversion”). All users will be able to see the converted balance on their accounts within 24 hours. Any users who wish to convert their USDC, USDP or TUSD balances to BUSD at a 1:1 ratio before the Auto-Conversion, may process it manually on Binance Convert from 2022-09-26 03:00 (UTC) until 2022-09-29 03:00 (UTC). Do note that manual conversion can only be done from USDC, USDP and TUSD to BUSD and not the reverse during that period.”

Furthermore, the cryptocurrency exchange said the minimum amount for manual conversion is 1 USDC, USDP or TUSD. User balances of less than 1 USDC, USDP or TUSD will be converted as part of the Auto-Conversion.

Once the Auto-Conversion is completed, users will be able to withdraw USDC, USDP or TUSD at a ratio of 1:1 from their BUSD balances. Binance said it e may amend the list of stablecoins eligible for auto-conversion in the future. 

The cryptocurrency exchange said as a result of these changes, it will cease trading on the following spot trading pairs on 2022-09-26 03:00 (UTC): USDC/BUSD, USDC/USDT, USDP/BUSD, USDP/USDT, TUSD/BUSD, TUSD/USDT.

Binance will also cease trading on the following spot trading pairs on 2022-09-29 03:00 (UTC):

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, XRP/TUSD.

Finally, Binance users can view their USDC, USDP and TUSD balances under the BUSD-denominated account balance when the conversion is complete.

Binance said all pending trade orders would be automatically removed after trading ceases in each respective trading pair. Users can then trade the assets in the respective BUSD trading pairs.

Binance is eliminating some of the competing stablecoins on its platform, increasing the liquidity of its BUSD stablecoin. With this latest development and more positive Binance reviews,  the cryptocurrency exchange further cements its place as the world’s leading digital asset trading platform.

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.