Leading cryptocurrency exchange Binance has announced that it will no longer support the 3 largest stablecoins in the market. The deadline for altcoin projects is September 29, after which they will convert to BUSD.
Binance stops supporting altcoin rivals
USDC, the second largest stablecoin in the market, is no longer included in the Binance list. Binance, USDC, USDP and TUSD stablecoins will be replaced by its own stablecoin, BUSD. Users will have until 06:00 September 29 to redeem their balances in the three stablecoins. From this date on, the remaining USDC, USDP and TUSD will be automatically converted to BUSD. However, users can manually convert their balance earlier if they wish.
The world’s largest cryptocurrency exchange announced on Monday that it is taking these steps to improve users’ access to liquidity and capital-efficient investments. With a market valuation of just under $52 billion (as opposed to USDT’s $67.5 billion), USDC, the world’s second largest stablecoin, is no longer a tradable coin on the Binance platform. The decision will also be disheartening for Circle Internet Financial, the company that issues the USDC.
The third largest stablecoin by market capitalization is BUSD, worth $19.5 billion. With market values of $1 billion and $945 million, TUSD and USDP are in fifth and sixth place, respectively. Cryptocurrencies, known as stablecoins, are designed to protect the value of a traditional asset such as fiat currency, the most common being the US dollar. Tether’s USDT currently has a 44% market share of the stablecoin market. However, this may change as significant amounts of USDC, USDP and TUSD are combined into BUSD.
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