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Binance Ditches USDC Support

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15 hours agoTue Sep 06 2022 10: 52: 06

Binance-Ditches-USDC-Support

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  • Binance exchange disclosed that its ending support for USDC and a bunch of other stablecoins this month
  • The move is towards the exchanges own stablecoin, Binance USD (BUSD)
  • Binance users have until September 29th prior to the platform automatically converts specified stablecoins into BUSD

Binance, the best cryptocurrency exchange by trading volume, has disclosed that it’ll no more support Circles USD Coin (USDC) along with other stablecoins. By September 29th, unsupported coins on the platform will undoubtedly be auto-converted to the platforms own stablecoin, BUSD, although Binance allows withdrawals in unsupported stablecoins.

USDC, TUSD, and USDP Deposits Auto-Changed to BUSD

Within an announcement yesterday, the exchange highlighted USDC, TrueUSD (TUSD), and Pax Dollar (USDP) because the stablecoins marked for discontinuation. Following the said date, deposits involving these coins will undoubtedly be auto-changed into BUSD, with Binance giving the reason why as a bid to improve liquidity and capital-efficiency for users.

The exchange will however offer these coins throughout a withdrawal operation even with September 29th. On September 26th, Binance will minimize supporting trading pairs relating to the three stablecoins. Open orders with one of these coins may also be closed. Other Binance services suffering from the move include futures, margin, saving & staking, USDC/USDT liquidity pool, loans, Binance Pay, and Binance Gift Card.

USDC may be the Second-largest Stablecoin

Although USDP and TUSD have significantly lower market caps, USDC may be the second largest stablecoin after Tether (USDT) but is rapidly catching it up. In accordance with Coinmarketcap, USDT includes a market capitalization of 67.55 Billion USD accompanied by USDC with 51.79 Billion USD, and BUSD occupies position three with 19.46 Billion USD. Binances move greatly lowers USDCs chances to overthrow USDTs lead.

The news headlines will come in the wake of MakerDAO co-founder Rune Christensen suggesting that USDC ought to be kicked from the collateral behind the favorite DAI stablecoin, suggesting that USDC could be swiftly falling out in clumps of favour.

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