Binance to end support for USDC, other stablecoins in favor of its own

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.

Timeline of Usd-coin

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.

USD Coin (USDC), a stablecoin developed by Circle, has suffered a great deal from frequent price volatility in the cryptocurrency market. USDC signals drop recently due to massive sell-offs USD Coin exhibits extreme volatility USDC's weekly mean transaction volume peaks at three-year high  In actuality, USDC whale addresses likewise appeared to be sending out signals that were identical.

Regular price swings in the cryptocurrency market have had a significant impact on USD Coin (USDC), a stablecoin developed by Circle. In fact, its whale addresses seemed to be flashing similar signals too.

USDC whale holdings percentage is at a two-year low, and it is the result of heavy influence from the frequent price swings in the cryptocurrency market. The current performance of its whales' addresses indicates a southern shift.

The continuous price fluctuations in the crypto market considerably impact the Circle's stablecoin, USD Coin (USDC). The recent performance of its whales' addresses is making a more southern move.