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Binance Will Convert Users’ USDC Into Its Own Stablecoin

  • Automatic balance conversion starts on Sept. 29, exchange says
  • UDSC, USDP, TUSD balances will convert to own BUSD stablecoin
Updated on

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

USDC, issued by Circle Internet Financial, is the second-ranked stablecoin after Tether’s USDT, with a market value of nearly $52 billion, according to data from CoinGecko. Binance’s stablecoin, BUSD, is a distant third at around $19.3 billion.