The move seems to show Binance wants to corner a piece of the stablecoin market, but rival crypto companies warned of ‘market conduct questions.’
late Monday it would convert all USDC stablecoins, the second-most popular stablecoin in the world—along with smaller stablecoins Pax Dollar and True USD—into its own brand of stablecoin, Binance USD.
The company said this move was to “enhance liquidity and capital-efficiency for users,” but though their announcement was heavy on technical details, it was extremely light on the economic reasoning. The company said all coins would be converted on a 1:1 ratio by Sept. 29, and it effectively ends all spot, futures, or margins tradings and lendings for those particular stablecoins.
All users will be forced to trade with a “consolidated” BUSD balance, though users will still be able to withdraw their funds 1:1 with any of the above stablecoins. Still, it does not get over the fact that the USD stablecoin has a market cap of over $51 billion, according to
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Binance to end support for USDC, two other stablecoins in favor of its own BUSDBinance is moving to prioritize its own stablecoin, BUSD, over several others on its cryptocurrency exchange.
Leer más »
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
Leer más »
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.
Leer más »
Binance to Drop USDC Trading Pairs, Plans to Auto-Convert Specific Stablecoin Balances to BUSD – Bitcoin NewsBinance issued a notice on Monday explaining that the exchange will be removing the stablecoin USDC from the platform’s pairs list.
Leer más »
Binance, Issuer of 3rd Biggest Stablecoin, to Stop Supporting Larger Rival USDC.binance is to convert its users' holdings in three stablecoins - USDC, USDP and TUSD - into its own stablecoin BUSD. By JamieCrawleyCD
Leer más »