Binance announced yesterday that it will end support for USDC, USDP, and TUSD stablecoins to prioritize BUSD.
The crypto exchange responded to Cointelegraph’s questions after it announced this month that it would cease trading support for USDC and two other stablecoins.
Binance: We Have No Plans to Convert USDT to BUSD
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.
The crypto exchange confirmed that there are no plans to automatically convert Tether (USDT) to Binance USD (BUSD) at this time, but stated that this could change. He also said the move is a decision to improve liquidity and capital efficiency for users.
Noting that they have no plans to withdraw support for USDT, but that could change, a Binance spokesperson confirmed to Cointelegraph that auto-conversion and the move to shut down most trading services for USDC are not a temporary measure and will continue to be implemented.
Binance currently holds less than $1 billion USDC on the platform. By contrast, it has $4.9 billion USDT, more than any other exchange. With the move of the platform, it is estimated that the market share of BUSD will expand further.
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