Binance Merges USDC, TUSD And USDP Balances Into BUSD
Binance has announced its new stablecoin strategy. This plans to introduce a BUSD auto-conversion feature to help users convert their USDC, USDP, and TUSD balances into the BUSD stablecoin at a 1:1 ratio. According to the exchange, this is being done “to enhance liquidity and capital efficiency for users”, and will not affect users when it comes to withdrawing their funds in USDC, USDP, and TUSD.
In an announcement posted on the evening of September 5, the world’s largest cryptocurrency exchange Binance announced that as of September 29, 2022 at 03:00 UTC, the platform will consolidate the balance of 4 stablecoins BUSD, USDC, USDP and TUSD into a single balance of BUSD.
Specifically, the changes that are about to be applied by Binance are as follows:
- Convert all USDC, USDP and TUSD balances to BUSD as of September 29, 2022, users can convert by themselves before then;
- Conversion rate is 1:1 for all stablecoins, accounts with stablecoin balance less than 1 will not be converted;
- During and after the conversion period, users can still deposit and withdraw the above stablecoins as usual, just the balance will always show as BUSD;
- Binance will cancel spot, futures, margin trading pairs and staking, saving, convert, loans, pay and gift card products of stablecoins USDC, USDP and TUSD.
The platform states that withdrawals from client balances can still be made in $USDC, $USDP and $TUSD.
For the specific case of USDC stablecoin used as loan collateral, the contract will be closed on September 7. The same goes for funds placed in flexible savings that will be repaid (thus it will be necessary to register a new contract in $BUSD).
Therefore, the reason for this large maneuver will be sought in terms of the desire to “improve liquidity, for the benefit of users”.
Of course, it is difficult not to speculate about the real ambitions behind this operation. An activity that allows the platform to exclude several key competitors from its own ecosystem. A shift that makes sense despite the fact that everyone in the industry is aware of the strategic importance to the future of dominating the stablecoin sector.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Binance Merges USDC, TUSD And USDP Balances Into BUSD
Binance has announced its new stablecoin strategy. This plans to introduce a BUSD auto-conversion feature to help users convert their USDC, USDP, and TUSD balances into the BUSD stablecoin at a 1:1 ratio. According to the exchange, this is being done “to enhance liquidity and capital efficiency for users”, and will not affect users when it comes to withdrawing their funds in USDC, USDP, and TUSD.
In an announcement posted on the evening of September 5, the world’s largest cryptocurrency exchange Binance announced that as of September 29, 2022 at 03:00 UTC, the platform will consolidate the balance of 4 stablecoins BUSD, USDC, USDP and TUSD into a single balance of BUSD.
Specifically, the changes that are about to be applied by Binance are as follows:
- Convert all USDC, USDP and TUSD balances to BUSD as of September 29, 2022, users can convert by themselves before then;
- Conversion rate is 1:1 for all stablecoins, accounts with stablecoin balance less than 1 will not be converted;
- During and after the conversion period, users can still deposit and withdraw the above stablecoins as usual, just the balance will always show as BUSD;
- Binance will cancel spot, futures, margin trading pairs and staking, saving, convert, loans, pay and gift card products of stablecoins USDC, USDP and TUSD.
The platform states that withdrawals from client balances can still be made in $USDC, $USDP and $TUSD.
For the specific case of USDC stablecoin used as loan collateral, the contract will be closed on September 7. The same goes for funds placed in flexible savings that will be repaid (thus it will be necessary to register a new contract in $BUSD).
Therefore, the reason for this large maneuver will be sought in terms of the desire to “improve liquidity, for the benefit of users”.
Of course, it is difficult not to speculate about the real ambitions behind this operation. An activity that allows the platform to exclude several key competitors from its own ecosystem. A shift that makes sense despite the fact that everyone in the industry is aware of the strategic importance to the future of dominating the stablecoin sector.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
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