Binance is converting several stablecoins to BUSD, prepares to abandon USDC

  • Binance announced today that it would begin auto-converting existing and new deposits of USDC, USDP, and TUSD stablecoins into its native BUSD-effectively delisting three rival stablecoins.
  • Binance’s BUSD stablecoin is a distant third, with a market cap of $19 billion – less than half that of USDC. This move effectively removes direct custody of USDC for Binance’s 28 million users.