Binance, the world’s largest crypto exchange, said it is introducing “BUSD Auto-Conversion,” which will be used to convert any existing user balances and new deposits of USD Coin (USDC), Pax Dollar (USDP), and True USD (TUSD) into its own stablecoin.
The move is intended to enhance liquidity and capital efficiency for users, the company said in a statement.
Further, Binance said it will remove and cease any trading on spot pairs that include USDC, USDP, and TUSD; it will start the conversion on Sept. 29.
USDC, which is principally operated by Circle Internet Financial and is the second largest stablecoin, has a nearly $51.9 billion market capitalization. Binance’s stablecoin, BUSD, is valued at about $19.4 billion, according to crypto data provider CoinGecko.
Moreover, USDC products affected include saving accounts, DeFi staking subscriptions, and crypto loans. Which will be closed and liquidated on Sept 23.
Furthermore, Binance is a cryptocurrency exchange. It is the largest exchange in the world in terms of the daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high-frequency trading software.