binance: Binance to convert users' USDC into its own stablecoin
The move is intended to enhance liquidity and capital efficiency for users, the company said in a statement.
Binance said it will remove and cease any trading on spot pairs that include USDC, USDP and TUSD; it will start the conversion on September 29.
USDC, which is principally operated by Circle Internet Financial and is the second largest stablecoin, has a nearly USD51.9 billion market capitalization. Binance's stablecoin, BUSD, is valued at about USD19.4 billion, according to crypto data provider CoinGecko.
USDC products affected include saving accounts, DeFi staking subscriptions and crypto loans, which will be closed and liquidated on September 23.
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