Binance's move to automatically convert USDC and two other stablecoins may lead to more USDC flowing into the exchange, according to the CEO of Circle,
Binance’s decision to convert USDC automatically to BUSD will be good for liquidity, Circle’s CEO said.
Binance said yesterday it will convert balances and new deposits of USD Coin , Pax Dollar and TrueUSD to its own stablecoin in a 1:1 ratio. Users will still be able to withdraw these coins at the same ratio from BUSD even after the auto-conversion happens. Crypto exchange FTX effectively does the same thing, crediting USD, USDC, TUSD, USDP, BUSD and HUSD deposits with USD Stablecoins in a 1:1 ratio, Steven Zheng, from The Block Research's team, pointed out.
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Binance, Issuer of Third-Biggest Stablecoin, to Stop Supporting Larger Rival USDC.Binance effectively banished USD Coin (USDC), the second-biggest stablecoin, from trading at its cryptocurrency exchange in favor of its own competing product. by jamiecrawleycd
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Binance: No plans to auto-convert Tether, though that ‘may change’After announcing it would be ceasing trading support for USDC and two other stablecoins, crypto exchange Binance confirmed there are no plans to do the same for Tether USDT at the moment.
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Binance Convert Adds SNM and BETH | Binance SupportFellow Binancians, Binance is excited to announce that SNM and BETH have been added to Binance Convert . Users can now trade SNM and BETH against BTC, BUSD, USDC and any other tokens supported by...
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