Cryptocurrency

Binance will stop supporting USDC, certain other stablecoins by Sept. 29

Binance is clearly We will remove USD Coin (USDC), TrueUSD (TUSD), and Paxos Standard (USDP) as tradable assets on our platform and transfer user balances of these stablecoins to Binance USD (BUSD) by September 29th. announced that it will convert to

According to Binance, the move aims to increase liquidity and capital efficiency for users.

The Changpeng Zhao-led exchange went on to say that users can manually convert these stablecoins to BUSD. However, it is not possible to convert from BUSD to any affected stablecoin.

Binance users will also no longer be able to use USDC as margin for futures trading. USDC has also been removed from other products such as Savings & Stakings, Binance Pay, Crypto Loans and Gift Cards.

CEO Changpeng Zhao clarified in a tweet that Binance has not delisted USDC and users can still make USDC deposits and withdrawals.

A CryptoSlate study revealed that an average of $1 billion USDC was expelled from Binance USDC hot wallets during the week of August 29.

USDC is the second largest stablecoin in the crypto space with a market capitalization of $52 billion. Binance-backed stablecoin ranks third with a market cap of $19.5 billion, while TUSD ranks fifth with a market cap of $1 billion. USDP is number six with a market capitalization of $945 million.

Tether’s USDT is the dominant stablecoin in this space, with a market capitalization of $67 billion and more than 80% of the industry’s trading volume.

USDC recently faced criticism from cryptocurrency stakeholders for its decision to block wallets exchanged with Tornado Cash due to US sanctions.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button