Binance, the world’s largest cryptocurrency exchange by volume, has announced it will auto-convert users’ USD Coin (USDC) and two other stablecoins into the native Binance USD (BUSD) starting 29 September 2022.
The crypto platform said in a Monday notice to customers that the auto-convert feature will also be utilised for the stablecoins USDP and TUSD.
“In order to enhance liquidity and capital-efficiency for users, Binance is introducing BUSD Auto-Conversion for users’ existing balances and new deposits of USDC, USDP and TUSD stablecoins at a 1:1 ratio,” Binance wrote in a blog post.
From 03:00 UTC on the effective date, the exchange’s users will only be able to trade with BUSD showing in their account. This means that although users will continue to deposit any of the listed stablecoins, their accounts will only reflect a consolidated balance in Binance USD (BUSD/USD).
Binance users can choose to convert the above stablecoins into BUSD manually, but this will be automated on the indicated date. However, customers will continue to withdraw funds from their BUSD balances in any of USDC, TUSD and USDP at 1:1 ratio.
Binance removes USDC spot pairs
As well as converting USDC, USDP and TUSD, Binance expects to stop supporting spot trading pairs for these stablecoins.
Spot trading pairs USDC/BUSD, USDC/USDT and similar combinations for USDP and TUSD will also cease on 26 September 2022 at 03:00 (UTC).
Meanwhile, the platform plans to halt spot trading for USDC on 29 September 2022, with the removal affecting multiple cryptocurrencies including USDC pairs of Bitcoin (BTC), Cardano (ADA), Ethereum (ETH) and Litecoin (LTC).
Other tradable pairs removed will be ATOM/USDC, BCH/USDC, BNB/USDC, EOS/USDC, LINK/USDC, SOL/USDC, and XRP/USDC among others.
By the said date, USDC will no longer be a tradeable asset on Binance.
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