Binance to convert users’ USDC into its own stablecoin

A illustration of cryptocurrency is seen in entrance of Binance emblem on this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photograph

Sept 5 (Reuters) – Binance, the world’s largest crypto trade, mentioned on Monday it’s introducing “BUSD Auto-Conversion,” which will likely be used to transform any current person balances and new deposits of USD Coin (USDC), Pax Greenback (USDP) and True USD (TUSD) into its personal stablecoin.

The transfer is meant to boost liquidity and capital effectivity for customers, the corporate mentioned in a press release.

Binance mentioned it is going to take away and stop any buying and selling on spot pairs that embody USDC, USDP and TUSD; it is going to begin the conversion on Sept. 29.

USDC, which is principally operated by Circle Web Monetary and is the second largest stablecoin, has a virtually $51.9 billion market capitalization. Binance’s stablecoin, BUSD, is valued at about $19.4 billion, based on crypto information supplier CoinGecko.

USDC merchandise affected embody saving accounts, DeFi staking subscriptions and crypto loans, which will likely be closed and liquidated on Sept. 23.

Reporting by Shivani Tanna in Bengaluru; Enhancing by Leslie Adler

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