(Reuters) – Binance, the world’s largest cryptocurrency exchange, said on Monday that it is launching “BUSD auto-conversion,” which will be used to convert any existing user balances and new deposits of USD coins (USDC), Pax Dollar (USDP) and True USD (TUSD) into their own stablecoins.
The move is aimed at improving liquidity and capital efficiency for users, the company said in a statement.
Binance says it will cancel and stop trading on any spot pair including USDC, USDP and TUSD; it will start switching in September 29 .
The second largest stablecoin USDC mainly operated by Circle Internet Financial, nearly $51 9 billion market value. Binance’s stablecoin, BUSD, is worth about 19 $400 million, according to crypto data provider CoinGecko.
Affected USDC products, including savings accounts, DeFi pledged subscriptions, and crypto loans, will be closed and liquidated in September 23.