The cryptocurrency exchange Binance announced on Monday its plan to introduce automatic conversion of stablecoins USDC, USDP, and TUSD to Binance USD (BUSD). This move aims to enhance user liquidity and capital efficiency.
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Key Changes Overview
Starting September 29, 2022, Binance users will see:
- Automatic 1:1 conversion of existing USDC, USDP, and TUSD balances to BUSD.
- Unified trading with BUSD representing all four stablecoins (including existing BUSD).
- No impact on withdrawals—users can still withdraw USDC, USDP, or TUSD 1:1 against BUSD balances.
How the Conversion Works
Automatic Process:
- Balances convert by September 29, visible within 24 hours.
- Amounts <1 USDC/USDP/TUSD will be auto-converted without user action.
Manual Option:
- Users may manually convert via Binance Convert until September 29 (03:00 UTC).
- Minimum swap: 1 USDC/USDP/TUSD.
Upcoming Adjustments
Trading Pairs Removed:
- USDC/BUSD, USDC/USDT, USDP/BUSD, etc., delisted by September 26.
Spot Trading Suspended:
- ADA/USDC, BTC/USDC, ETH/USDC, and others halted by September 29.
"All pending orders will be canceled automatically." — Binance
Futures Contracts Update
USD-M Futures:
- USDC margining disabled for multi-asset models from September 7.
- USDC assets auto-converted to BUSD (1:1) starting September 29 (24-hour processing).
FAQ Section
1. Why is Binance converting these stablecoins?
To streamline liquidity and improve capital efficiency for users.
2. Can I still withdraw USDC after conversion?
Yes, withdrawals remain 1:1 against BUSD balances.
3. What happens to my open orders?
They’ll be canceled automatically when trading stops for affected pairs.
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4. Will Binance add more stablecoins to this program?
Possibly—Binance may revise the list of eligible stablecoins.
5. How does this impact futures trading?
USDC margining ends September 7; assets convert to BUSD September 29.