Binance will start converting USDC, USDP and TUSD stablecoins to BUSD

The innovations will come into force on September 29

06.09.2022 - 08:15

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What’s new? Cryptocurrency exchange Binance has announced that it will begin automatic conversion of existing and new USDC, USDP, and TUSD stablecoin deposits into its own stablecoin Binance USD (BUSD) at a ratio of 1:1. The company says this move will improve liquidity and capital efficiency for the platform’s customers. The exchange’s representatives noted that the innovations will not affect the withdrawal of funds, users will still be able to choose the stablecoin they need. The changes will take effect on September 29.

#Binance to Auto-Convert $USDC, $USDP, $TUSD to #BUSD (Binance USD).— Binance (@binance) September 5, 2022

More details about the innovations. Binance added that the company may change the list of stablecoins suitable for automatic conversion. In fact, such a decision excludes competing assets from the listing.

According to CoinMarketCap, USDC ranks second in terms of market capitalization at $51,8 billion. BUSD ranks third with a figure of $19 billion.

Earlier, Binance reported the cancellation of fees for spot trading of Ethereum in pairs with BUSD. The promotion will run from August 26 to September 26. The company believes that the upcoming network upgrade will provide an influx of new users.

For more details on why Binance imposes fee-free trading, see GetBlock Magazine’s editorial.

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