Stablecoins in Focus: Binance Stop Trading USDC, USDP and TUSD – Automatic Conversion to Binance USD | news

Stablecoins im Fokus: Binance beendet Handel mit USDC, USDP und TUSD - Automatische Umwandlung in Binance USD

• Binance is removing USDC, USDP and TUSD from trading offers
• Automatically convert balances and new deposits to USDC, USDP and TUSD
• Binance Recommendation: Users should not add positions during the conversion period to avoid losses

Binance converts USDC, USDP and TUSD balances

In early September, crypto exchange Binance announced in a press release that users’ existing balances and new deposits would be converted into USDC, USDP and TUSD. According to Binance, the existing balances in the above stablecoins in user accounts will be automatically converted to Binance USD (BUSD) in a 1:1 ratio at 03:00 (UTC) on September 29, 2022. The conversion must be connected within 24 hours.

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Users who wish to exchange balances to the respective stablecoins prior to automatic conversion can also do so manually. For this, Binance offers you the period from 09/26/2022 03:00 (UTC) to the automatic exchange on 09/29/2022. The minimum amount for manual conversion is one USDC, USDP or TUSD. With a low balance, the conversion happens as part of an automatic conversion.

According to Binance, however, the conversion will not affect users’ withdrawal options: even after the auto-conversion is complete, users can withdraw USDC, USDP, or TUSD from their Binance USD balance in a 1:1 ratio.

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Binance cited the goal of improving liquidity and capital efficiency for users as the reasons for the conversion.

Impact on spot trading

Due to the conversion, Binance will remove and close trading on the spot pairs USDC/BUSD, USDC/USDT, USDP/BUSD, USDP/USDT, TUSD/BUSD, TUSD/USDT on 09/26/2022 at 03:00 ( UTC). In addition, trading in spot pairs ADA/USDC, ATOM/USDC, AUD/USDC, BCH/USDC, BNB/USDC, BTC/USDC, BTC/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 was removed and closed on 09/29/2022 at 03:00 (UTC). According to Binance, all pending trade orders will be automatically cleared after trading stops for each respective trading pair.

Margins and Futures

Binance has already closed margin lending for USDC/BUSD (Cross & Isolated), TUSD/USDT (Isolated) and USDC/USDT (Cross & Isolated) on 09/07/2022 at 03:00 (UTC). All open margin positions will be closed and liquidated on 09/23/2022 03:00 (UTC). Also margin for BTC/USDC (crossed and isolated), EOS/USDC (crossed and isolated), ETH/USDC (crossed and isolated), LTC/USDC (crossed), XRP/USDC (crossed and isolated), ADA/Binance Lending closed USDC (Isolated) and ATOM/USDC (Isolated) on 07/09/2022 at 03:00 (UTC). For these pairs, the Company will close and liquidate open margin positions on 09/27/2022 at 03:00 UTC.

Binance strongly advises users to close their positions before stopping margin trading to avoid potential losses. “Binance will close remaining positions, auto-settle and cancel all pending orders for the above pairs at the specified time,” the company said.

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Binance USDⓈ-M Futures no longer supports new deposits from USDC as a margin asset under the multi-asset mode or the Portfolio Margin Program as of 07/09/2022 03:00 (UTC). In addition, the Binance USDⓈ-M Futures Wallet will automatically start converting USDC assets to BUSD from 09/29/2022 03:00 (UTC).

The company advises users not to “add posts during the conversion period to avoid potential losses.” Binance “will not be held responsible for losses incurred on new positions during this period that may result from the conversion of funds.”

Binance recommends that users of the Portfolio Margin Program transfer USDC from their Margin Wallet to their Spot Wallet before 09/23/2022 03:00 (UTC) and top up their Margin balance if needed. “Users should closely monitor Uni-MMR to avoid any potential liquidations that could result from USDC delisting from margin wallets,” Binance said.

Savings & Staking, Liquid Swap, Crypto Loan, Gift Card and Binance Pay

On 09/23/2022 at 03:00 UTC, Binance will cease offering USDC Flexible Savings and DeFi Staking subscriptions. According to the company, all USDCs that subscribe to Flexible Savings and DeFi staking will be automatically redeemed and credited to users’ Spot wallets on the same day.

As the trading platform wrote in its press release, Binance Liquid Swap will close the USDC/USDT liquidity pool and automatically transfer all users’ assets to their Spot wallets on 09/23/2022 at 03:00 (UTC). will return. You can manually redeem your credit in advance if you wish.

Binance crypto loan already delisted USDC as a loanable asset and a collateral asset on 09/07/2022. On 09/23/2022 at 03:00 (UTC), Binance will close and expire USDC loan orders for users.

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“The creation of USDC and TUSD gift cards is no longer supported, and any unredeemed USDC or TUSD gift cards can still be redeemed for USDC or TUSD before 09/29/2022 06:00 (UTC), The company said. However, the coins redeemed at the announced time will be automatically converted to Binance USD. Binance writes, “any USDC or TUSD gift cards not redeemed after 09/29/2022 06:00 (UTC) will be automatically converted to BUSD.”

According to the company’s report, Binance Pay will support automatic conversion to Binance UDS from 09/29/2022 at 03:00 UTC.

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