In order to "enhance liquidity and capital-efficiency for users," Binance has announced a "BUSD Auto-Conversion" that will start on September 29 and will prioritize its own stablecoin, BUSD, over a number of others on its cryptocurrency exchange. Binance is introducing the 1:1 conversion of USDC, USDP, and TUSD stablecoins for both existing user balances and new deposits. The USDC/USDT pair ranks 11th among the highest trading pairs by volume, and USDC is the second-largest stablecoin by total supply, making the move significant for the exchange.
"Users will be able to trade with a consolidated BUSD balance on the Binance Platform as of 2022-09-29 03:00 (UTC) that reflects their balances in these four stablecoins (BUSD, USDC, USDP, and TUSD) after conversion. Users will still be able to withdraw money in USDC, USDP, and TUSD at a 1:1 ratio to their BUSD-denominated account balance, so this won't change their withdrawal options "The business stated.
Additionally, Binance will stop trading the three stablecoins against the USDT, BUSD, and other significant cryptocurrencies like Bitcoin and Ether. On September 26, the stablecoin-to-stablecoin pairs will close, and on September 29, the stablecoin-to-crypto pairs.
"Following the end of trading for each individual trading pair, all open trade orders will be automatically closed. After that, users can trade the respective BUSD trading pairs' assets "Binance declared. The announced adjustments affect a number of Binance services outside of its exchange, such as its gift card, payment, and staking options.
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In a tweet, CEO Changpeng Zhao made it clear that Binance was not delisting USDC and that users could still deposit and withdraw the currency.
With a $52 billion market cap, USDC is the second-largest stablecoin in the cryptocurrency world (roughly Rs. 4,15,330 crore). TUSD is ranked fifth with a market cap of $1 billion, while the Binance-backed stablecoin is ranked third with a market cap of $19.5 billion (roughly Rs. 150 crore) (roughly Rs. 7,990 crore). With a $945 million market cap, USDP is sixth (roughly Rs. 7,550 crore).
With a market cap of $67 billion (roughly Rs. 5,35,140 crore), Tether's USDT dominates the stablecoin market and accounts for more than 80% of trading volume.
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