Binance, the world’s largest cryptocurrency exchange, has released new announcements. Accordingly, 3 altcoins and their investors are expected to be affected. These include a rewards program, a new staking program, and a critical announcement regarding stablecoins. Here are the details…
Binance will not convert Tether (USDT) at this time
The crypto exchange announced this month that it will cease trading support for USDC and two other stablecoins. After that, he gave an interview where he answered questions about this move. The giant cryptocurrency exchange has confirmed that there are no plans to “auto-convert” Tether (USDT) to Binance USD (BUSD) at this time. But he also noted that this “could change”. On Tuesday, the crypto exchange discontinued trading support for USDP and TUSD on its platform.
Then it did the same for another prominent stablecoin, USD Coin (USDC). The exchange has given its users until September 29. Users must transfer their stablecoins to another exchange or convert them to BUSD until this time. As Cryptokoin.com reported, if users still hold these stablecoins on September 29, the exchange will automatically start converting assets into BUSD.
“Liquidity and capital efficiency will increase”
Binance stated that the move is a decision to increase liquidity and capital efficiency for users. But he didn’t specifically mention USDT, which is the largest stablecoin by market cap. The spokesperson of the exchange responded to a question on this subject today. The spokesperson said that plans such as automatic conversion for USDC are not currently being considered for USDT. However, he added that this could change in the future.
Binance launches rewards program for this altcoin
Binance has added a new altcoin to its “Learn and Trade” program. This altcoin project is Stargate Finance (STG). Accordingly, users will reward users who read the STG introductory article, complete the test at STG during the event period, and trade STG 500 USDT in spot and margin transactions. The prize pool will also increase depending on the total number of qualified users. 7,000 people are set as the maximum in STG token coupons. The prize pool for this number of people will be $75,000.
WOO staking is coming
According to another announcement, Binance has launched a staking program for an altcoin project. Users will now have the advantage of staking with WOO Network’s native cryptocurrency WOO. Users who make locked staking with WOO will receive additional token rewards at certain rates in return. Users must stake their WOO tokens by 15:00 on September 6 to participate in the program. The awards will be as follows:
- 5.95% APY at 30-day lock
- 7.50% APY for 60 days staking
- 10.90 APY for 90 day lock
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