Binance: No plans to auto-convert Tether, though that ‘may change’

Binance: No plans to auto-convert Tether, though that ‘may change’

The crypto exchange was responding to questions from Cointelegraph after announcing it would cease trading support for USDC and two other stablecoins this month.

Binance: No plans to auto-convert Tether, though that ‘may change’

Crypto exchange giant Binance has confirmed it has no plans to “auto-convert” Tether (USDT) to Binance USD (BUSD) at the moment, though noted that this “may change.”

On Sept. 6, the crypto exchange surprised the market with the announcement it will cease trading support for U.S. dollar-pegged stablecoin USD Coin (USDC) on its platform, along with USDP Stablecoin (USDP) and TrueUSD (TUSD).

Any users that are still holding the three stablecoins on Sept. 29 will begin to have their holdings auto-converted to BUSD at a 1:1 ratio over a 24-hour period.

Binance stated that the move was a decision to enhance liquidity and capital efficiency for users, but notably did not make any mention of the largest stablecoin by market cap, Tether USDT.

In a statement to Cointelegraph, a Binance spokesperson confirmed there were no immediate plans to do the same to USDT, but noted that this could change, stating: 

As it stands, Binance now has less than $1 billion worth of USDC on the platform, with around $993.3 million at the time of writing. In comparison, Binance holds a whopping $4.99 billion worth of USDT, more than any other exchange across the globe.

Stablecoins on Exchanges: Nansen

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