The largest cryptocurrency exchange in the world, binanceannounced on Monday that it would be delisted usd coin, The stablecoin is pegged to the US dollar in favor of its native Binance USD USD/USD Stablecoin starting September 29th. Here’s what you need to know.
What happened: In a statement, the company said it is rolling out Binance USD auto-conversion for users’ existing balances and new deposits of the following stablecoins at a 1-to-1 ratio:
USD coin USDC/USD
pax dollars USDP/USD
TrueUSD TUSD/USD
Starting September 29, users will trade on the Binance platform with a consolidated Binance USD balance that reflects their balances for each of the stablecoins.
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Binance users can still withdraw funds in USDC, USDP, and TUSD at a 1:1 ratio to their BUSD balance.
Why it matters: Traders and investors using margins or trading futures are encouraged by Binance not to add or close positions before the 24-hour conversion deadline, as the company performs auto-settlement and effectively closes all pending orders involving the above pairs and canceled.
The company said it chose to delist the stablecoins to improve liquidity and capital efficiency for users.
Crypto Loans Canceled and Liquidated on September 23; savings accounts denominated in USDC; DeFi staking and the USDC/USDT liquidity pool are among the impacted Binance USDC products.
