This could have significant ramifications for USD Coin's standing in the stablecoin market — but customers will still be able to make USDC withdrawals.
Binance has announced that it plans to automatically convert balances of three major stablecoins into its own dollar-backed asset: Binance USD.
From Sept. 29, customers who hold USD Coin, Pax Dollar and TrueUSD will see their funds moved into BUSD.
However, the world's biggest exchange — which is the parent company of CoinMarketCap — says users will still be able to make withdrawals in USDC, USDP and TUSD.
This could have significant ramifications for USDC's standing in the stablecoin market.
CoinMarketCap data shows Tether leads with a market cap of $67.5 billion, making it the third-largest cryptocurrency in the world.
USD Coin has a market cap of $51.5 billion, meaning it is fourth in the rankings.
Binance USD is the sixth-largest cryptocurrency with a market cap of $19.5 billion.