Binance Remove USDC, TUSD, And USDP Trading

Binance will stop trading USDC stablecoins. (KryptoWaluty)

JAKARTA The world's largest crypto trading platform by trading volume, Binance, recently announced it would remove a number of stablecoins including USD Coin (USDC), True USD (TUSD), and Paxos Standard (USDP). Instead, users who own the three coins can convert their funds to Binance's stablecoin, namely BUSD 29 September.

The reason Binance removed the three stablecoins is aimed at increasing the liquidity and capital efficiency of its platform users. The crypto trading company owned by Changpeng Zhao added that users can manually convert their holdings in BUSD. In contrast, users cannot convert funds from BUSD to the three stablecoins.

Launching CryptoSlate, Binance users also cannot use USDC as a margin asset for futures trading or their futures. USDC has also been removed from other products such as Savings & Stakings, Binance Pay, Crypto Loans, gift cards, and more.

Meanwhile, Binance CEO Changpeng Zhao stated that USDC was not delisted from its platform. He made a clarification in a Twitter post on September 5, 2022.

Not a delist list. You can still deposit and withdraw USDC. It only combines all liquidity into one partner. The best price, the lowest slippage for users," CZ wrote.

CryptoSlate reports that an average of 1 billion dollars in USDC was moved from the USDC Binance hot wallet during the week of August 29. USDC is the second largest stablecoin in the crypto world, with a market capitalization of 52 billion US dollars.

Binance-backed stablecoins are in third place with a market cap of 19.5 billion US dollars, while TUSD is in fifth place with a $1 billion market cap. USDP is sixth and has a market capitalization of 945 million US dollars. Meanwhile, USDT is the largest stablecoin by market cap of 67 billion US dollars.