Binance, the world’s largest crypto exchange, said on Monday it is introducing “BUSD Auto-Conversion,” which will be used to convert any existing user balances and new deposits of USD Coin (USDC), Pax Dollar (USDP) and True USD (TUSD) into its own stablecoin.
The company said in a statement that the move is aimed at improving liquidity and capital efficiency for users.
Binance said it will cancel and stop trading on any spot pair, including USDC, USDP, and TUSD; it will begin switching on September 29.
USDC, primarily operated by Circle Internet Financial, is the second-largest stablecoin with a market cap of nearly $51.9 billion. Binance’s stablecoin, BUSD, is worth about $19.4 billion, according to crypto data provider CoinGecko.
Affected USDC products, including savings accounts, DeFi pledged subscriptions, and crypto loans, will be closed and liquidated on September 23.