Cryptocurrency Market Updates: Three stablecoins namely USDC, USDP, and TUSD will no longer be supported by leading cryptocurrency exchange Binance, which will instead combine their holdings into its own stable coin, BUSD.
The company said that the change, which will go into effect on September 29, will improve users' access to money and liquidity. Finance will stop doing spot, future, and margin trading with the USDC, USDP, and TUSD stablecoins as a result.
According to a late-Monday announcement from the cryptocurrency exchange, "Binance is introducing BUSD auto-conversion for users' existing balances and new deposits of USDC, USDP, and TUSD stablecoins at a 1:1 ratio."
Users will trade using a combined BUSD balance on the Binance Platform, which will reflect their post-conversion balances in the four stablecoins (BUSD, USDC, USDP, and TUSD).
According to Binance, the change will not have an impact on users' withdrawal options; they will still be able to withdraw money in the following currencies at a 1:1 ratio to their BUSD-denominated account balances: USDC, USDP, and TUSD.
On September 29, all users' existing USDC, USDP, and TUSD balances will be immediately changed to BUSD, and they will all be able to see the new balance on their accounts within a day.
1 USDC, USDP, or TUSD is the minimum quantity for manual conversion. User balances that are less than 1 USDC, USDP, or TUSD will automatically be converted.
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