Binance to Convert Balances to BUSD
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s of September 29th, Binance will automatically convert all user holdings and new deposits of USDC, USDP, and TUSD to BUSD in order to increase liquidity and capital efficiency. The team commented that the goal is to enhance liquidity and capital efficiency for its users.
Binance stated that user balances in USD Coin (USDC), USDP Stablecoin (USDP), and True USD (TUSD) will automatically exchange for an equal amount of Binance USD (BUSD) on a 1:1 ratio.
Once balances for USDC, USDP, and TUSD have been consolidated to BUSD on Binance, the company plans to remove spot trading pairs associated with those three stablecoins.
Furthermore, beginning September 7th, Binance crypto loans will prohibit the use of USDC as a borrowable asset. On September 23rd, the exchange will shut and liquidate outstanding USDC loans. The Binance Gift Card will no longer support USDC or TUSD after October 1st, and any redeemable amounts will be converted to BUSD automatically on October 3rd.
Jonathan
An editor at CoincropJonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.
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