{"id":35244,"date":"2022-09-06T03:54:15","date_gmt":"2022-09-06T07:54:15","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=35244"},"modified":"2022-09-06T03:54:18","modified_gmt":"2022-09-06T07:54:18","slug":"binance-has-no-intentions-to-auto-convert-tether","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/binance-has-no-intentions-to-auto-convert-tether\/","title":{"rendered":"Binance has no intentions to auto-convert Tether"},"content":{"rendered":"\n
Binance has acknowledged that it does not currently have any intentions to “auto-convert” Tether (USDT) to Binance USD (BUSD), but that this “may change.”<\/h5>\n\n\n\n
\"Binance
Binance has no intentions to auto-convert Tether<\/figcaption><\/figure>\n\n\n\n

Binance \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>shocked the market on September 6 by announcing it would stop supporting USD Coin (USDC), a stablecoin linked to the US dollar, along with USDP Stablecoin (USDP), and TrueUSD on its platform (TUSD).<\/p>\n\n\n\n

On September 29, users who are still holding any of the three stablecoins will start to automatically convert such holdings to BUSD at a 1:1 ratio over a 24-hour period.<\/p>\n\n\n\n

While Tether USDT,<\/a> the largest stablecoin by market size, was not mentioned, Binance claimed that the decision was made to improve liquidity and capital efficiency for customers.<\/p>\n\n\n\n

A spokesman for the cryptocurrency exchange stated in a statement that there are currently no plans to convert USDT to Binance Coin, but that this may change in the future:<\/p>\n\n\n\n

\u201cWe do not have plans to auto-convert USDT to BUSD as of now, but may change.\u201d<\/p><\/blockquote>\n\n\n\n

The representative added that the decision to stop providing most trading services for USDC and the auto-conversion is “not temporary measures” and “will continue.”<\/p>\n\n\n\n

According to a Sept. 6 tweet from Binance CEO<\/a> Changpeng Zhao (CZ), the business is “simply consolidating all liquidity into one pair” and will provide customers with the “best pricing, lowest slippage” rather than delisting the three stablecoins.<\/p>\n\n\n\n

Additionally, Binance will transition most of the pairings over to BUSD and remove the extensive range of spot trade asset pairs linked to these stablecoins.<\/p>\n\n\n\n

Users should also be cautious about using USDC in the exchange's staking, saves, liquid swaps, or loans because those services will also be discontinued for that asset.<\/p>\n\n\n\n

The action by Binance <\/a>coincides with a temporary restriction of deposits and withdrawals in Ether (ETH) and Wrapped ETH (wETH) on specific networks from September 6 until the completion of the Ethereum Merge later in the month.<\/p>\n\n\n\n

According to CEO Alex Svanevik of the analytics platform Nansen, the cryptocurrency exchange has been progressively converting USDC to BUSD since the middle of August. During that time, nearly $1.5 billion worth of assets has changed hands.<\/p>\n\n\n\n

\n

Binance has less than $1B USDC now. pic.twitter.com\/Sx4Wjr43V5<\/use><\/svg><\/span><\/a><\/p>— Alex Svanevik \ud83d\udc27 (@ASvanevik) September 6, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

Currently, less than $1 billion worth of USDC<\/a> is available on Binance's platform, with about $993.3 million at the time of writing. Comparatively, Binance is the exchange with the largest global holding of USDT, valued at a staggering $4.99 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"

Binance has acknowledged that it does not currently have any intentions to “auto-convert” Tether (USDT) to Binance USD (BUSD), but that this “may change.” Binance shocked the market on September 6 by announcing it would stop supporting USD Coin (USDC), a stablecoin linked to the US dollar, along with USDP Stablecoin (USDP), and TrueUSD on […]<\/p>\n","protected":false},"author":38,"featured_media":34653,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,834],"tags":[326,1970,1103],"class_list":["post-35244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-binance","tag-binance","tag-busd","tag-tether"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/08\/ITP-Dec22-Binance.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/35244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=35244"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/35244\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/34653"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=35244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=35244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=35244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}