The world’s largest cryptocurrency exchange Binance has announced that it is converting users’ USDC. USDP and TUSD to its stablecoin BUSD.
The recent announcement by Binance on Monday will see the second largest stablecoin in the crypto market, two others mentioned above removed as tradable assets on Binance.
The conversion will happen automatically at 03:00 UTC on Sept. 29, although users can convert manually before it happens.
According to Binance, the action is due to its plans to enhance liquidity and capital-efficiency for users.
This move by Binance will be a big blow to Circle USDC due to the volume of traded assets on Binance.
Circle’s USDC is the second largest stablecoin in the crypto market with a market cap of $52 billion, only second to Tether’s USDT, Binance’s BUSD came after USDC with a $19 billion market cap, TUSD and USDP market caps are smaller.
Stablecoins are cryptocurrencies whose values are pegged to particular assets like the US dollar or gold, visit MyCryptoParadise blog to read more about stablecoins.
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