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On September 5, Binance explained that it planned to drop a number of usdc trading pairs and auto-convert specific stablecoin balances into busd by September 29. While the move was controversial among crypto proponents on social media, Circle Financial CEO Jeremy Allaire explained that the change “will likely lead to more usdc flowing to Binance.”
Circle’s Jeremy Allaire Thinks Binance’s Forced Stablecoin Conversions Will Likely Lead to More USDC Flowing to the Exchange
Circle’s CEO Jeremy Allaire spoke about Binance’s recent move to “enhance liquidity and capital-efficiency for users” by removing a number of stablecoin trading pairs and auto-converting USDC, USDP, and TUSD stablecoins at a 1:1 ratio to BUSD. Both Circle and Coinbase are the firms behind the Centre consortium, the issuer and custodian of usd coin (USDC) and euro coin (EUROC). Allaire believes the forced conversions have sparked a number of “misleading headlines and interpretations.”
Allaire further stressed that Binance is “not ending support for USDC, and [the] change will likely lead to more USDC flowing to Binance.” The Circle CEO noted that a trading platform unilaterally converting existing customer assets would not work in a regulated U.S. market, and he would not have handled the situation in this way. Allaire said that Binance is attempting to consolidate dollar liquidity using cash equivalent stables. He further remarked that Binance could not do the switch with tether (USDT), at least right now, as Allaire thinks it would be too disruptive. Allaire opined:
Binance is trying to consolidate dollar liquidity w cash equivalent stables. That’s good for liquidity and market depth. [Tether] is NOT cash equivalent — not even close. Binance can’t do this now / yet w [tether] as it would be too disruptive given current [tether] liquidity on Binance.

Trueusd Addresses Binance’s Auto Conversion Move — Paxos Says Decision Is a ‘Positive Step for the Safety of Its Customers’
In addition to Allaire’s commentary on Tuesday, Trueusd, the issuer of TUSD, tweeted about Binance’s decision as well. “TUSD will support Binance as always and have more cooperation with [the] Binance ecosystem,” the official Trueusd Twitter account wrote. “Binance will maintain multi-chain TUSD deposit and withdrawal support on their exchange for all the following token standards.” For his part, Allaire thinks that with Binance consolidating its dollar books, ​​it will “now be easier and more attractive to move USDC to and from Binance for trading core markets.”
Paxos, the issuer of USDP, also chimed in on the conversation concerning Binance’s recent move toward liquidity consolidation. “Binance has made a positive step for the safety of its customers by pushing to support [BUSD primarily],” Paxos wrote on Tuesday. “Unlike competing stablecoins, BUSD is regulated by NYDFS which sets rules and monitors compliance with those rules.”
What do you think about Jeremy Allaire, Trueusd, and Paxos addressing the decision Binance made concerning auto-converting specific stablecoin balances? Let us know what you think about this subject in the comments section below. 



























On September 5, Binance explained that it planned to drop a number of usdc trading pairs and auto-convert specific stablecoin balances into busd by September 29. While the move was controversial among crypto proponents on social media, Circle Financial CEO Jeremy Allaire explained that the change...

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Circle CEO, Paxos, and Trueusd Speak on Binance’s Stablecoin Auto-Conversion Decision

Crypto exchange Binance has announced that it will automatically convert user balances and new deposits of USD Coin (USDC), Pax Dollar (USDP) and TrueUSD (TUSD) to Binance USD (BUSD) at a 1:1 ratio on September 29th.
The world’s biggest digital asset exchange by trading volume is rolling out its BUSD “Auto-Conversion” solution in an apparent bid to boost the adoption of its own stablecoin, which currently sits as the third biggest stablecoin by market capitalization.

“In order to enhance liquidity and capital-efficiency for users, Binance is introducing BUSD Auto-Conversion for users’ existing balances and new deposits of USDC, USDP and TUSD stablecoins at a 1:1 ratio.”
Users may manually convert their USDC, USDP or TUSD balances to BUSD from September 26th to September 29th prior to the launch of Auto-Conversion, but manual conversion will not apply to balances of less than 1 USDC, USDP or TUSD since these will be processed as part of Auto-Conversion.
“This will not affect users’ choice of withdrawal: users will continue to be able to withdraw funds in USDC, USDP and TUSD at a 1:1 ratio to their BUSD denominated account balance.”
The announcement comes following reports that the money laundering section of the Department of Justice (DOJ) probed into the records of Binance and its CEO, Changpeng Zhao. Authorities reportedly want to find out if Binance is complying with financial crime laws in the US. 
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The post Binance Boosting BUSD Stablecoin by Ditching USDC and Two Other Major Stablecoins appeared first on The Daily Hodl.


Crypto exchange Binance has announced that it will automatically convert user balances and new deposits of USD Coin (USDC), Pax Dollar (USDP) and TrueUSD (TUSD) to Binance USD (BUSD) at a 1:1 ratio on September 29th. The world’s biggest digital asset exchange by trading volume is rolling out its ...

TrueUSD price	$1.00
Low - High 24H	$0.996149 - $1.00
Market cap	$814.30M
Volume 24H	$32.91M
All time high	$1.62 -38.19% August 26th 2018
All time low	$0.88355 13.23% March 12th 2020
Genesis date	N/A

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