Binance is prioritizing its stablecoin, BUSD, over any other cryptocurrency exchange, it announced.on mondaythat “Automatic BUSD Conversion” will begin on September 29th to “improve liquidity and capital efficiency for users”.
Binance is introducing aConvert the user’s existing balance and new deposits.of USDC, USDP and TUSD to BUSD in 1:1 ratio
“This will take effect from 2022-09-29 03:00 (UTC), this will not affect the withdrawal options of users. Users will be able to withdraw funds in USDC, USDP and TUSD in a ratio of 1:1 to their BUSD account balance,” the company said.
Binance will end stablecoin trading pairs on September 26: USDC/BUSD, USDC/USDT, USDP/BUSD, USDP/USDT, TUSD/BUSD, TUSD/USDT.
On September 29, trading pairs ADA/USDC, ATOM/USDC, AUD/USDC, BCH/USDC, BNB/USDC, BTC/USDC, BTC/USDC, EOS/USDC, ETH/USDC, LINK/USDC, will be terminated. 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
“All pending orders will be automatically deleted. After the end of each trading pair Users can then trade assets in the relevant BUSD pair,” Binance said.
Additionally, Binance will stop offering USDC Flexible Savings and DeFi Staking at 2022-09-23 03:00 (UTC), and all USDC subscribed to Flexible Savings and DeFi Staking will be redeemed and deposited into the user’s Spot Wallet. automatically on the same day
The stablecoin market is dominated by Tether’s USDT, with a market share of around 44%, although this may change, with more USDC, USDP, and TUSD being merged with BUSD on Binance.