Binance Boots Rivals' USDC Stablecoin as Crypto Trading Retrenches

The stablecoin wars are heating up, and Circle and Coinbase's USDC could be in for a rough time. As the market shrinks, Binance, the world's largest cryptocurrency exchange, has fired a shot across the bow of the USDC stablecoin.

Timeline of Usd-coin

Binance has announced that it will be removing the USDC stablecoin from the platform's spot trading pairs list, along with two other stablecoins.  USDC, USDP, TUSD Delisted The other stablecoins being delisted along with USDC are USDP and TUSD.

Circle CEO Jeremy Allaire said Binance's decision to convert its users' USD Coin (USDC) holdings to its Binance USD (BUSD)stablecoin is good. The post Circle CEO says Binance decision to stop USDC support is good as it increases utility appeared first on CryptoSlate.

Binance, the world's largest crypto exchange, said on Monday it is introducing "BUSD Auto-Conversion," which will be used to convert any existing user balances and new deposits of USD Coin (USDC), Pax Dollar (USDP) and True USD (TUSD) into its own stablecoin.

Binance is moving to prioritize its own stablecoin, BUSD, over several others on its cryptocurrency exchange. The post Binance to end support for USDC, other stablecoins in favor of its own appeared first on The Block.

The largest cryptocurrency exchange in the world, Binance, announced Monday that it would delist USD Coin, the stablecoin pegged to the United States dollar, in favor of its native Binance USD (CRYPTO: BUSD) stablecoin beginning Sept. 29. Here's what you need to know.

Binance, the world's largest cryptocurrency exchange by volume, has announced it will auto-convert users' USD Coin (USDC) and two other stablecoins into the native Binance USD (BUSD) starting 29 September 2022. The crypto platform said in a Monday notice to customers that the auto-convert feature will also be utilised for the stablecoins USDP and TUSD.

Binance has revealed that it would remove USD Coin (USDC), TrueUSD (TUSD), and Paxos Standard (USDP) as tradeable assets on its platform and convert its users' balance in these stablecoins to Binance USD (BUSD) by September 29. The post Binance will stop supporting USDC, certain other stablecoins by Sept.

Data from Glassnode analyzed by CryptoSlate shows that USDC leaving Binance is at yearly highs, according to the Exchange Net Position Change chart below. The post Binance USDC withdrawals top $1 billion per day this week appeared first on CryptoSlate.

The crypto derivatives exchange has partnered with Circle to expand its suite of USDC offerings; traders will also have access to auto conversions between the stablecoin and U.S. dollars.

Stablecoin issuers have been under the radar over the quality of the reserves backing the tokens they issue. Circle Internet Financial LLC (Circle), the issuer of stablecoin USDC, has released its reserves report as of July 31, 2022.