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Binance to stop USD Coin production from September 29

CEO Changpeng Zhao made it clear that Binance was not delisting USDC and that customers could still deposit and withdraw the currency.

Binance to stop USD Coin production from September 29
Additional goods including Savings and Stakings, Binance Pay, Crypto Loans, Gift Cards, and others no longer support USDC.

The stablecoins USD Coin (USDC), TrueUSD (TUSD), and Paxos Standard (USDP) will no longer be available for trading on Binance’s platform from September 29 onwards, as reported by Cryptoslate.

The action, according to Binance, is intended to for bettering the liquidity and capital balance for its customers.

Cryptoslate further stated that users can manually convert their holdings in these stablecoins to BUSD, the Changpeng Zhao-led exchange added. They are unable to exchange from BUSD to the impacted stablecoins, nevertheless. Additionally, USDC users using Binance would not be able to utilise it as a margin asset for their futures trading. Additional goods including Savings and Stakings, Binance Pay, Crypto Loans, Gift Cards, and others no longer support USDC.

In a tweet, CEO Changpeng Zhao made it clear that Binance was not delisting USDC and that customers could still deposit and withdraw the currency.

With a $52 billion market cap, USDC is the second-largest stablecoin in the cryptocurrency world. TUSD is rated fifth with a market cap of $1 billion, while the Binance-backed stablecoin is placed third with a market cap of $19.5 billion. With a $945 million market cap, USDP is sixth. With a market cap of $67 billion and over 80% of the industry’s trading volume, Tether’s USDT is the leading stablecoin in the market, Cryptoslate noted.

(With insights from Cryptoslate)

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