Binance converts customer deposits in dollar stablecoins to BUSD – its own stable ‘coin’

September 6, 2022SUNDRIES1 min read

Binance, the largest cryptocurrency exchange, will convert any existing and new deposits in dollar-pegged cryptocurrencies into its own BUSD stablecoin. In particular, the change will affect deposits in USDC, USDP and TUSD.

Binance converts customer deposits in dollar stablecoins to BUSD – its own stable ‘coin’

Binance will also cease all trading of spot pairs involving these cryptocurrencies. USD savings accounts, DeFi staking, and the USDC/USDT liquidity pool will cease to operate and convert from September 23. Once the auto-conversion is complete, users will be able to withdraw USDC, USDP or TUSD at a 1:1 ratio from their BUSD balances.

Stable BUSD ranks third among crypto-assets tied to the American currency – the total value of issued ‘coins’ is estimated at $19.3 billion. The merger will significantly increase its capitalization.

The value of users’ balance is not at risk – all listed cryptocurrencies are currently traded at a price as close as possible to $1 and will be converted 1:1. However, the interests of people who use specific stablecoins in projects created just for them, including decentralized income programs, may suffer.

Sources

bloomberg

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