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The USDC, USDP, and TUSD stablecoins will be automatically converted into the native BUSD by Binance, the largest cryptocurrency exchange in the world by volume, starting today. This effectively delists three competing stablecoins.
According to the corporation, the change will improve users' capital efficiency and liquidity.
According to CoinMarketCap, USDC is the second most valuable stablecoin by market cap, at $51 billion. With a market capitalization of $19 billion, less than half that of USDC, Binance's BUSD stablecoin comes in last place. For the 28 million users of Binance, this action effectively removes direct custody of USDC (as well as USDP and TUSD).
In a support post announcing the change, Binance stated that it will not affect users’ ability to choose their withdrawal method: “Users will continue to be able to withdraw funds in USDC, USDP, and TUSD at a 1:1 ratio to their BUSD denominated account balance.” The change is scheduled to go into effect on September 29, it was added.
The exchange adds that the minimum amount for manual conversion is 1 USDC, USDP, or TUSD and that users can see the converted balance on their accounts in 24 hours. Lower balance accounts automatically convert to BUSD.
According to Binance, the list of stablecoins that qualify for auto-conversion may be changed.
When Binance announced its plan, there was a significant concern because the approach would turn competing stablecoins into Binance’s own.
Crypto monopoly 101: Binance will push its $BUSD by removing $USDC as a tradeable asset by September 25. Like Google ten years ago, Binance is purging rivals.
The company also announced the discontinuation of support for products involving spot trading, futures, and margin lending for USDC, USDP, and TUSD.
Tether (USDT), the biggest stablecoin, with a market worth of $67 billion and will continue to be tradeable on Binance.