Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
NEWS

Binance to convert users’ USD Coin into its own stablecoin

Published On :

By Shivani Tanna and Elizabeth Howcroft

(Reuters) -Binance, the world’s largest crypto exchange, said on Monday it will automatically convert user balances and new deposits of the stablecoins USD Coin, Pax Dollar and True USD into its own stablecoin, Binance USD.

The move is intended to enhance liquidity and capital efficiency for users, Binance said in a statement https://www.binance.com/en/support/announcement/e62f703604a94538a1f1bc803b2d579f.

Stablecoins are a type of cryptocurrency designed to maintain a constant value, for example through a 1:1 U.S. dollar peg. They play a crucial role in facilitating crypto trading, and allow traders to store idle crypto cash without converting it back into fiat currency.

Binance said it will stop trading on spot pairs which include USD Coin, Pax Dollar and True USD, although users will still be able to withdraw funds in the form of these stablecoins.

The conversion of users’ holdings will take place on Sept. 29, Binance said.

USD Coin (USDC) is issued by U.S. firm Circle and is the world’s second-largest stablecoin, with a market capitalisation of $51.8 billion, according to crypto data provider CoinGecko. Binance’s stablecoin (BUSD) is valued at about $19.4 billion, according to CoinGecko.

USDC products affected include saving accounts, DeFi staking subscriptions and crypto loans, which will be closed and liquidated on Sept. 23, Binance said.

Jeremy Allaire, the CEO of Circle, said in a tweet https://twitter.com/jerallaire/status/1566921483003334657 that “converged dollar books on Binance […] is a good thing. USDC utility just increased.”

In another tweet https://twitter.com/jerallaire/status/1566922064119971840, Allaire said he predicts the move will lead to USD Coin and Binance USD gaining market share from the world’s largest stablecoin, Tether.

(Reporting by Shivani Tanna in Bengaluru; Editing by Leslie Adler and Louise Heavens)

 

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts