• Fri. Sep 29th, 2023



Binance converts USDC, USDP and TUSD on BUSD balance


Aug 11, 2022

Binance converts USDC, USDP and TUSD on BUSD balance

Binance cryptocurrency exchange will begin to automatically convert some stablecoons on user balance in Busd from September 29.

“In order to increase liquidity and capital efficiency for users, Binance introduces an auto converter for existing user balance and new deposits in USDC, USDP and TUSD stabricons in a 1: 1 ratio,” the exchange representatives wrote.

According to them, users will begin to “trade in the consolidated Busd balance”, which will reflect their assets in four stablcoins.

“This will not affect the choice of funds: users can still withdraw funds in USDC, USDP and TUSD in the ratio of 1: 1 to the account balance denominated in BUSD,” Binance emphasized in Binance.

The changes will affect almost all the functions and services of the platform, including:

  • Sports trade – currency pairs like USDC/Busd, USDC/USDT, USDP/Busd, etc. will be discontinued.D.;
  • Futures-for example, support for USDC in USDⓢ-M tools will stop;
  • marginal trading – support for lending to tools on the basis of the above stabelcoins will stop;
  • Products for savings and staining – the Flexible Savings and Defi Staking Brazilian stock options will cease to be supported on the USDC;
  • Liquid Swap – the USDC/USDT pool will close, coins will be transferred to spot wallets;
  • Cryptosaims;
  • Binance Pay;
  • Binance Gift Card.

Representatives of the exchange also noted that in the future they can change the list of stablecoins subject to car converters.

Earlier, Binance has blocked a corporate account oriented on the Tezos ecosystem startup Baking Bad.

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