Binance will stop supporting USDC, certain other stablecoins by Sept. 29 Binance will stop supporting USDC, certain other stablecoins by Sept. 29
Binance says the move is geared toward enhancing liquidity and capital efficiency for its users.
1 min read
Updated: Jun. 23, 2023 at 10:43 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance has revealed that it would remove USD Coin (USDC), TrueUSD (TUSD), and Paxos Standard (USDP) as tradeable assets on its platform and convert its users’ balance in these stablecoins to Binance USD (BUSD) by Sept. 29.
According to Binance, the move is geared toward enhancing liquidity and capital efficiency for its users.
The Changpeng Zhao-led exchange continued that users can manually convert their holdings in these stablecoins to BUSD. However, they cannot convert from BUSD to the affected stablecoins.
Binance users would also be unable to use USDC as a margin asset for their futures trades. USDC has also been removed from its other products like Savings & Stakings, Binance Pay, Crypto Loans, Gift cards, and others.
CEO Changpeng Zhao clarified in a tweet that Binance was not delisting USDC and users will still be able to deposit and withdraw USDC.
Not delist. You can still deposit and withdraw USDC. Just merging all liquidity into one pair. Best price, lowest slippage for users.
— CZ 🔶 Binance (@cz_binance) September 5, 2022
CryptoSlate research previously revealed that an average of $1 billion USDC left Binance’s USDC hot wallets during the week of August 29.
USDC is the second-largest stablecoin in the crypto space, with a market cap of $52 billion. The Binance-backed stablecoin is ranked third with a market cap of $19.5 billion, while TUSD ranks fifth with a market cap of $1 billion. USDP is sixth and has a market cap of $945 million.
Tether’s USDT is the dominant stablecoin in the space, with a market cap of $67 billion, accounting for over 80% of the trading volume in the industry.
USDC recently faced criticism from crypto stakeholders over its decision to block wallets that have interacted with Tornado Cash because of the US sanctions.
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USD Coin
$0.99996
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Binance USD
$1.00145
BUSD is a stablecoin issued by Paxos in partnership with Binance..
Pax Dollar
$1.00060
Pax Dollar (previously Paxos Standard) is a regulated crypto asset.
Tether
$0.99952
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.