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Binance, the world’s largest cryptocurrency trading platform by trade volume, announced on Monday that the stablecoin USDC will be removed from the company’s list of spot trading pairs.Binance also stated that users who possess one of three kinds of stablecoins would have their balances automatically converted to BUSD if they do not remove the specified crypto asset from the exchange.Binance appears to be eliminating the world’s second-largest stablecoin,<a href="https://www.coingabbar.com/en/crypto-currency/usd-coin-usdc-prices-usd" rel="noopener noreferrer nofollow"> USDC</a>, a US dollar-pegged token issued by the Centre consortium. Binance announced on Monday that it intends to auto-convert some stablecoin holdings if they are not withdrawn by September 29, 2022.Fellow Binancians, in order to improve liquidity and capital efficiency for users, Binance is introducing<a href="https://www.coingabbar.com/en/crypto-currency/binance-usd-busd-prices-usd" rel="noopener noreferrer nofollow"> BUSD</a> Auto-Conversion at a 1:1 ratio for current balances and new deposits of USDC,<a href="https://www.coingabbar.com/en/crypto-currency/paxos-standard-usdp-prices-usd" rel="noopener noreferrer nofollow"> USDP</a>, and<a href="https://www.coingabbar.com/en/crypto-currency/true-usd-tusd-prices-usd" rel="noopener noreferrer nofollow"> TUSD</a> stablecoins, the exchange said on September 5. The announcement then continues by saying that Binance is discontinuing a few specific spot trading pairs.The pairs will be removed before the September 29 auto-conversion deadline, and trading will end three days before the deadline. At 2022–09–26 08:30 (IST), Binance will remove and cease trading on the following spot trading pairs: USDC/BUSD, USDC/USDT, USDP/BUSD, USDP/USDT, TUSD/BUSD, TUSD/USDT,” Binance details.On September 29, three days after those trading pairs are eliminated, Binance will also stop supporting the following trading pairs: 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/USD.Some individuals on social media condemned the decision, while others praised it. Many other individuals were perplexed as to why Binance made the decision. Why is Binance removing USDC from its platform? On Monday, someone inquired. Why wouldn’t the world’s largest<a href="https://www.coingabbar.com/en/cryptocurrency" rel="noopener noreferrer nofollow"> cryptocurrency</a> exchange do this? another person inquired.Binance, the largest crypto exchange by trading volume, is also the issuer of the third largest stablecoin, BUSD. The market cap of the dollar-pegged crypto asset is about $19.44 billion. Today, the market cap of USDC is $51.89 billion, which is somewhat less than the market cap of tether (<a href="https://www.coingabbar.com/en/crypto-currency/tether-usdt-prices-usd" rel="noopener noreferrer nofollow">USDT</a>), which is about $67.59 billion.At the time of writing, the<a href="https://www.coingabbar.com/en/cryptocurrency-category/stablecoins" rel="noopener noreferrer nofollow"> stablecoin BUSD</a> had accumulated $6,667,316,743 in 24-hour trades, while USDC had accumulated $5,789,291,326. With $31.16 billion in swaps today, USDT transaction volume dwarfs both BUSD and USDC combined. If USDC is no longer traded on the leading crypto trading platform in terms of global trade volume, the crypto asset’s daily volume may alter.Read also:<a href="https://www.coingabbar.com/en/crypto-currency-news-english/sharkbot-malware-targeting-crypto-software-resurfaces-google-app-store" rel="noopener noreferrer nofollow"> SharkBot Malware-targeting Crypto Software Resurfaces on Google App Store</a>

Binance To Discontinue USDC Trading Pairs, Plans To Auto-Convert Certain Stablecoin Balances To BUSD

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