Binance has announced that it will end support for USDC, USDP and TUSD stablecoins to prioritize BUSD.
The company announced today a “BUSD Auto-Conversion” that will start on September 29 to “increase liquidity and capital efficiency”.
Binance Ends Support for USDC
Binance has announced its move that will allow users to convert their existing balances and USDC, USDP and TUSD stablecoins to BUSD in a 1:1 ratio. USDC has the distinction of being the second largest stablecoin in terms of total supply.
Binance will terminate trading pairs for these three stablecoins against major cryptocurrencies such as BUSD, USDT, Bitcoin and Ethereum. Stablecoin-stablecoin pairs will be closed on September 26, while stablecoin-crypto pairs will be closed on September 29.
The announcement indicates that Binance will put more emphasis on BUSD. With the move, BUSD’s market share is expected to expand further.
“After trading stops on each respective trading pair, all pending buy and sell orders will be automatically removed. Users can then swap assets in the respective BUSD trading pairs”
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