Cryptocurrency exchange Binance will streamline the list of low-liquid stablecoins by converting them to BinanceUSD (BUSD) to improve the efficiency of user service.
Binance has announced that it is ceasing trading of USD Coin (USDC), USDP Stablecoin (USDP), and TrueUSD (TUSD) stablecoins to improve liquidity and capital efficiency. On September 29, the above stablecoins will be automatically converted to BUSD stablecoin at a ratio of 1:1 within 24 hours.
Binance CEO Changpeng Zhao explainedthat the company will not delist stablecoins, but “simply combine all liquidity into one pair.” He added that the exchange will offer “the best price and minimum slippage for users.”
At the same time, the platform will remove the list of pairs for spot trading with these stablecoins and form new trading pairs with BUSD. Binance has warned that all services, including placing orders, holding and lending the above stablecoins, will be stopped.
Exchange confirmed, that in the near future there are no plans to automatically convert the stablecoin Tether (USDT), however, if necessary, the list of stablecoins can be changed. At the same time, the cessation of USDC trading “is not a temporary measure.”
At the end of last month, Binance warned ERC-20 token holders about planned maintenance work with Ethereum Network wallets, carried out in connection with the transition of Ethereum to PoS.
Source: Bits
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