Binance will stop supporting USDC, certain other stablecoins by Sept. 29

Binance has revealed that it would region USD Coin (USDC), TrueUSD (TUSD), and Paxos Standard (USDP) arsenic tradeable assets connected its level and person its users’ equilibrium successful these stablecoins to Binance USD (BUSD) by Sept. 29.

According to Binance, the determination is geared toward enhancing liquidity and superior ratio for its users.

The Changpeng Zhao-led speech continued that users tin manually person their holdings successful these stablecoins to BUSD. However, they cannot person from BUSD to the affected stablecoins.

Binance users would besides beryllium incapable to usage USDC arsenic a borderline plus for their futures trades. USDC has besides been removed from its different products similar Savings & Stakings, Binance Pay, Crypto Loans, Gift cards, and others.

CEO Changpeng Zhao clarified successful a tweet that Binance was not delisting USDC and users volition inactive beryllium capable to deposit and retreat USDC.

Not delist. You tin inactive deposit and retreat USDC. Just merging each liquidity into 1 pair. Best price, lowest slippage for users.

— CZ Binance (@cz_binance) September 5, 2022

CryptoSlate probe antecedently revealed that an mean of $1 cardinal USDC near Binance’s USDC blistery wallets during the week of August 29.

USDC is the second-largest stablecoin successful the crypto space, with a marketplace headdress of $52 billion. The Binance-backed stablecoin is ranked 3rd with a marketplace headdress of $19.5 billion, portion TUSD ranks 5th with a marketplace headdress of $1 billion. USDP is sixth and has a marketplace headdress of $945 million.

Tether’s USDT is the ascendant stablecoin successful the space, with a marketplace headdress of $67 billion, accounting for implicit 80% of the trading measurement successful the industry.

USDC precocious faced disapproval from crypto stakeholders implicit its decision to artifact wallets that person interacted with Tornado Cash due to the fact that of the US sanctions.

The station Binance volition halt supporting USDC, definite different stablecoins by Sept. 29 appeared archetypal connected CryptoSlate.