- Binance, the issuer of 3rd biggest stablecoin, will stop supporting larger rival USDC.
Binance effectively banished USD Coin (USDC), the second-biggest stablecoin, from trading on its platform. The world’s biggest crypto exchange announced on Monday that beginning September 29, users holdings of USDC will be converted to Binance USD (BUSD). The same will happen smaller stablecoins like Pax Dollar (USDP) and TrueUSD (TUSD).
This move to remove USDC, which has a market cap of nearly $52 billion, as a tradable asset removes the momentum to overtake Tether (USDT) as the largest stablecoin. It’s a headache for Circle Internet Financial, USDC’s issuer, as the company considers an IPO.
Customers transferring USDC, USDP or TUSD will have them automatically converted to BUSD, though they will be able to withdraw those other stablecoins when they remove money from Binance.
Source | Editor’s Note: This article by The Mega Maxi is not a financial advise.