Binance goes against usdc, tusd and usdp, will convert them into busd

Binance goes against usdc, tusd and usdp, will convert them into busd

 

Cryptocurrency exchange BINANCE will suspend support for three stablecoins — USDC, USDP and TUSD — in order to «enhance liquidity and capital-efficiency.»

The exchange clarified in a blog post that it will automatically convert balances with the above-mentioned assets into its own stablecoin called binance USD (BUSD) on September 29.

Although users won’t be able to trade the stablecoins in pair with main cryptocurrencies (e.g. bitcoin), users will still be able to withdraw USDC, USDP or TUSD at a ratio of 1:1 from their BUSD balances. Binance will also suspend staking, futures and swap services with the stablecoins. It remains unclear what was the reason behind the move.

 

New York Releases Guidelines for Stablecoin Providers

Earlier in July, Circle CFO, Jeremy Fox-Geen, said that the stablecoin issuer plans to go public in the Q4, 2022. It is yet to be seen if Binance’s action will affect Circle’s plans.

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