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The largest cryptocurrency exchange in the world, Binance, announced Monday that it would delist USD Coin, the stablecoin pegged to the United States dollar, in favor of its native Binance USD (CRYPTO: BUSD) stablecoin beginning Sept. 29. Here’s what you need to know.
What Happened: In a statement, the company said it is introducing Binance USD Auto-Conversion for users' existing balances and new deposits of the following stablecoins at a 1-to-1 ratio:
USD Coin (CRYPTO: USDC)
Pax Dollar (CRYPTO: USDP)
TrueUSD (CRYPTO: TUSD)
Effective Sept. 29, users will trade with a consolidated Binance USD balance on the Binance Platform that reflects their balances of each of the stablecoins.
Read more: Here's Why Vitalik Buterin Says Crypto Price Crashes Like Terra Luna Are Good For The Market
Binance users will still be able to withdraw funds in USDC, USDP, and TUSD at a 1-to-1 ratio to their BUSD denominated account balance.
Why It Matters: Traders and investors using margins or trading futures are encouraged by Binance to not add to and close positions prior to the 24-hour conversion period, as the company will conduct an automatic settlement, effectively closing and canceling all pending orders using the above pairs.
The company said it is choosing to delist the stablecoins to enhance liquidity and capital efficiency for users.
Crypto loans, which will be terminated and liquidated as of Sept. 23; USDC-denominated savings accounts; DeFi staking, and the USDC/USDT liquidity pool are among the Binance USDC products that are impacted.
