Binance is the world’s leading blockchain ecosystem, with a product suite that includes the largest digital asset exchange.
Binance is introducing BUSD Auto- Conversion for users’ existing balances and new deposits of USDC, USDP and TUSD stablecoins at a 1:1 ratio effective on September 29, 2022 at 03:00 (UTC). All users will be able to see the converted balance on their accounts within 24 hours.
What does this new system do and how will it affect Binance users?
Binance will remove the following pairs USDC/BUSD, USDC/USDT, USDP/BUSD, USDP/USDT, TUSD/BUSD, TUSD/USDT, ADA/USDC, ATOM/USDC, AUD/USDC, BCH/USDC, BNB/USDC, BTC/USDC, BTTC/USDC, EOS/USDC, ETH/USDC, LINK/USDC, LTC/USDC, SOL/USDC, TRX/USDC, WIN/USDC, XRP/USDC, ZEC/USDC, BNB/USDP, BTC/USDP, ETH/USDP, ADA/TUSD, BNB/TUSD, BTC/TUSD, ETH/TUSD, TRX/TUSD, XRP/TUSD.
The effect to Binance users will not be great users will not lose or risk anything but there are many existing Binance features that will be removed such as USDC, USDP and TUSD’s Savings & Staking, Liquidity pool staking, Crypto Loans etc. The impact on Binance will of course increase the trading volume of their BUSD thus increasing liquidity making it a strong stable coin overall. Is Binance confident on this changes, can their USD reserves 100% keep up with the increase in volume.
ref: https://handpickedtoday.blogspot.com/2022/09/binance-to-monopolize-busd-as-only.html
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