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Binance to remove USDC as a tradable asset from its platform 

The stablecoin market has been shaken up by Binance after the announcement that it will automatically transfer client cash from alternatives like the bigger USD Coin (USDC) to its Binance USD (BUSD) tokens.

The crypto exchange Binance announced on September 5 that it will begin converting existing user balances and new deposits of True USD (TUSD), Pax Dollar (USDP), and USD Coin (USDC) into Binance USD, the company’s own stablecoin.

As Binance stated in the blog post:

“In order to enhance liquidity and capital-efficiency for users, Binance is introducing BUSD Auto-Conversion for users’ existing balances and new deposits of USDC, USDP, and TUSD stablecoins at a 1:1 ratio.”

Customers will be able to withdraw money in the four stablecoins USDC, BUSD, USDP, and TUSD at a 1:1 ratio to their Binanace USD denominated account balances starting on September 29, 2022, according to the exchange. Customers will exchange with a centralised BUSD balance on the Binance Platform starting on that date that reflects their balances of these four stablecoins post conversion.

The market capitalization of USDC, the second-largest stablecoin and primarily run by Circle Internet Financial, is close to $51.9 billion. Savings accounts, DeFi staking subscriptions, and crypto loans are among the USDC products that will be liquidated and closed on September 23.

Read more at Cryptoshrypto:

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