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:
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.
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