Binance limits USDC support with BUSD automatic conversion feature…Details here
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Answer Binance limits USDC support with BUSD automatic conversion feature…Details here
Binance has announced the automatic conversion of stablecoin (USDC) and other stablecoins into its digital currency (BUSD).
published Binance posted on September 5 that USDC, Pax Dollar (USDP), and TrueUSD (TUSD) will be automatically converted to BUSD for existing balances and new deposits of users.
The feature will take effect from September 29th.
The stablecoins will be converted at a ratio of 1:1, and the balances will automatically appear as a consolidated balance under the name BUSD.
Binance says that automatic conversion helps enhance liquidity and capital efficiency for users.
Notably, users will still be able to withdraw funds in USDC, USDP and TUSD at a ratio of 1:1 from their consolidated BUSD balance.
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As such, Binance will remove spot trading pairs associated with several stablecoins, including its pairs with BUSD.
Binance will also remove USDC as a margin asset in futures trading.
Binance is also making several changes to other features on the platform, including savings, bets, liquidity swaps, crypto loans, Binance Pay and Binance Gift Card.
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The automatic transfer move will make a huge impact on the stablecoin market, which is currently dominated by Tether (USDT).
Tether, a much-discussed point in the crypto community, has a bid of $66.2 billion, while the USDC bid is $19.1 billion.
Tether’s share of the total stablecoin supply has decreased over the past 12 months, currently standing at 46.7%, while USDC is at 30.36% and BUSD is at 13.73%.
The market capitalization of USDT is currently $67.4 billion, while the market capitalization of BUSD is $19.4 billion.
It is worth noting that USDC has a market capitalization of $51.8 billion, which is much higher than BUSD.
Binance’s move to automatically convert to BUSD has sparked debate on social media.
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Several analyzes have been performed, although some appear to be completely inaccurate.
The CEO of Winterute spoke on Twitter to clarify what he called misleading headlines.
He said that removing stablecoin pairs would be beneficial to liquidity and make market makers more efficient.
This action will be positive for all the stablecoins involved and it will benefit the clients due to the lack of conversion between the stablecoins.
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