Binance to stop supporting USDC, here are the details! Important to note for those of you who have deposited into stablecoins on the Binance platform!
Binance, one of the biggest cryptocurrency exchanges in the world, has recently announced that it will soon be delisting some major stablecoins on its platforms.
Some of these stablecoins include the second largest stablecoin in the world, USDC, as well as USDP, and TUSD. All of users’ funds that have been deposited into any of these stablecoins will be automatically moved by Binance to their own native stabletoken, BUSD.
🚨🚨🚨 Binance is Delisting USDC. 🚨🚨🚨 pic.twitter.com/ak8IlSkwkU
— Bitfinex’ed 🔥 Κασσάνδρα 🏺 (@Bitfinexed) September 5, 2022
“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,” Binance says in a post announcing this new change to their platform.
According to Binance, these changes were made in order to ‘enhance liquidity’ for users.
Not everyone in the community was happy with these changes, with some accusing Binance of trying to make the crypto space a monopoly.
Crypto monopoly 101
They also hired ex Brazilian central Bank President as advisor, because bankster connections matters. For regulations.
Binance is deleting competitors like Google did 10 years ago.
— Bloodgood (@bloodgoodBTC) September 5, 2022
At the moment, USDC ranks as the worlds second biggest stablecoin, with a market cap of $52 billion, only second to USDT which has a $88 billion market value.
Binance’s native stablecoin, BUSD, is third place on this list with a market value of $19 billion. However, with Binance, one of the biggest exchanges in the space, delisting USDC, this could effectively aid in pushing BUSD to overtake USDC as the second biggest stablecoin soon.