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.
The world’s largest cryptocurrency exchange announced on Monday that it is taking this action to increase liquidity and capital efficiency for users.
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.
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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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Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
