The world’s largest crypto exchange, Binance has announced that the platform will begin auto-converting existing and new deposits of USDC, TUSD, and USDP into native BUSD tokens from September 29.
In the announcement, the company wrote that this move will “enhance liquidity and capital-efficiency for users.”
Moreover, users will be able to withdraw funds in USDC, USDP and TUSD at a 1:1 ratio to their BUSD denominated account balance, wrote the platform.
Once the auto-conversion process starts, users will be able to see the converted balances on their accounts in 24 hours. The platform also said that a minimum of 1 USDC, USDP or TUSD is required for manual conversion, which will initiate from September 26.
Binance may amend the list of stablecoins eligible for auto-conversion.
Moreover, the platform will remove support of USDC, TUSD, and USDP products including spot trading, futures and margin lending.
USDC is the second largest stablecoin by market cap at $51 billion. USDT, the largest stablecoin by market cap ($67 billion) will remain accessible on Binance.
Also Read : Binance to Suspend ETH Deposits & Withdrawals During Merge
