Last Updated on September 7, 2022 by Bitfinsider

According to a statement released on Monday, Binance, the world’s largest crypto exchange by volume, will begin converting existing user balances and new deposits of USD Coin (USDC), Pax Dollar (USDP), and True USD (TUSD) into the company’s own stablecoin. The conversion is set to begin on September 29.

According to the exchange, the move is intended to “improve liquidity and capital-efficiency for users.” Binance will also remove and cease trading on spot pairs involving USDC, USDP, or TUSD, according to the exchange’s statement.

Binance’s move may increase competition among the three largest stablecoins, which are digital tokens that are pegged to the US dollar. Because stablecoins are an important part of the crypto ecosystem and are frequently used as an intermediary for converting cryptocurrencies to cash, strengthening BUSD may help Binance maintain its position as the leading marketplace for digital assets.

Binance does not anticipate any regulatory implications from the change, which it had agreed on in advance with Circle and other involved third parties, according to an email from a company spokesperson.

Binance did not explain why the changes do not affect Tether’s USDT, which currently has a market capitalization of around $67 billion. “The consolidation of stablecoins on one of the world’s most active exchanges foreshadows future competition among stable assets,” a Tether representative said via email.

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