Binance Removes Three Stablecoins From Its Platform
Crypto exchange Binance will convert all USDC, USDP, and TUSD holdings of its users on the platform into BUSD.
An announcement from the company states that on September 29, users’ balances in the three stablecoins will be automatically converted to BUSD. Users can convert them manually before then if they wish to do so.
These three stablecoins will also be unavailable for use on Binance’s futures platform.
Consolidating funds in BUSD
With the move, the platform removes the second-largest stablecoin USDC with a market cap of nearly $52 billion (compared to USDT’s $67.5 billion) as a tradable asset. It’s also a blow to USDC’s issuer, Circle Internet Financial.
BUSD, with a market cap of $19.5 billion, is the third largest stablecoin. TUSD and USDP rank fifth and sixth with market capitalizations of $1 billion and $945 million, respectively.
This type of cryptocurrency aims to hold a fixed value to a traditional asset such as fiat currency – the most widely used currency being the US dollar.
The market for stablecoins is dominated by Tether’s USDT with a market share of around 44%, although this may soon change with the consolidation of large amounts of USDC, USDP and TUSD into BUSD.
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