The largest cryptocurrency exchange Binance will convert any
existing and new deposits in dollar-pegged cryptocurrencies into the native stablecoin BUSD. In particular, the change will affect deposits in USDC, USDP and TUSD.
Binance will also stop all trading in spot pairs that include these cryptocurrencies. Starting September 23rd, USD savings accounts, DeFi staking , and USDC/USDT liquidity pool will stop working and will be converted. Once the auto conversion is complete, users will be able to withdraw USDC, USDP or TUSD at a 1:1 ratio from their BUSD balances .
Stable BUSD ranks third among crypto assets tied to the American currency – the total value of the issued “coins” is estimated at $19.3 billion. The step taken will significantly increase its capitalization.
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Nothing threatens the value of the balance of users – all listed cryptocurrencies are currently traded at a price as close as possible to $1 and will be converted 1:1. However, the interests of people using specific stablecoins in projects created only for them, including decentralized income programs, may suffer.
Binance Crypto Exchange: A Basic Beginner’s Guide to Cryptocurrencies
Sources: Binance announcement , Bloomberg
