by Jamie Redman
Binance to Delist Specific Stablecoin Trading Pairs by the End of September
- It seems Binance will be removing the world’s second-largest stablecoin usd coin (USDC), a U.S. dollar-pegged token issued by the Centre consortium. During an announcement made on Monday, Binance explained that it plans to auto-convert certain stablecoin balances if the funds are not removed by September 29, 2022.
- “Fellow Binancians, in order to enhance liquidity and capital-efficiency for users, Binance is introducing BUSD Auto-Conversion for users’ existing balances and new deposits of USDC, USDP and TUSD stablecoins at a 1:1 ratio,” the exchange said on September 5. Then the announcement further notes that Binance is sunsetting a few specific spot trading pairs.
- The pairs will be removed before the auto-conversion September 29 deadline and they will cease trading three days prior to the cut-off. “Binance will remove and cease trading on the following spot trading pairs at 2022-09-26 03:00 (UTC): USDC/BUSD, USDC/USDT, USDP/BUSD, USDP/USDT, TUSD/BUSD, TUSD/USDT,” Binance details.
- Three days after those pairs are removed, Binance will also discontinue ADA/USDC, ATOM/USDC, AUD/USDC, BCH/USDC, BNB/USDC, BTC/USDC, BTTC/USDC, EOS/USDC, ETH/USDC, LINK/USDC, LTC/USDC, SOL/USDC, TRX/USDC, WIN/USDC, XRP/USDC, ZEC/USDC, BNB/USDP, BTC/USDP, ETH/USDP, ADA/TUSD, BNB/TUSD, BTC/TUSD, ETH/TUSD, TRX/TUSD, and XRP/TUSD trading pairs on September 29.
- Some individuals on social media criticized the move while others applauded the decision. A great number of other individuals questioned why Binance made the decision. “Uhm… why is Binance de-platforming USDC?” one person asked on Monday. “Why wouldn’t the largest crypto exchange do this?” another individual asked.
- In addition to being the largest crypto exchange by trade volume, Binance is the issuer of the third largest stablecoin BUSD. The dollar-pegged crypto asset has a market valuation of around $19.44 billion. USDC’s market cap is $51.89 billion today, just below tether’s (USDT) market cap of around $67.59 billion.
At the time of writing on September 5, 2022, at 4:15 p.m. (ET), the stablecoin BUSD has recorded $6,667,316,743 in 24-hour trades, while USDC has printed $5,789,291,326 in 24-hour trades. USDT’s trade volume towers over both BUSD and USDC combined with $31.16 billion in swaps today. If USDC no longer remains on the largest crypto trading platform by global trade volume, the crypto asset’s daily volume could see some changes.