Binance users’ USDC, USDP and TUSD deposits will be auto-converted to BUSD on Sept. 29. Read this story to see how this will affect stablecoin holders.
BUSD Auto-Conversion from Binance
Binance has announced BUSD Auto-Conversion for users’ existing balances and new deposits of USDC, USDP, and TUSD stablecoins at a 1:1 ratio, starting on Sept. 29.
Earlier this month, the world’s largest cryptocurrency exchange announced it would convert new and existing deposits of USDC, USDP and TUSD into Binance’s stablecoin BUSD.
Here are the main things you need to know about the change:
Existing USDC, USDP, and TUSD balances in user accounts will be automatically converted to BUSD on Sept. 29 at 3 a.m. UTC. Users will see the converted balance on their accounts within 24 hours.
Any users who wish to convert their USDC, USDP, or TUSD balances to BUSD at a 1:1 ratio before the Auto-Conversion may process it manually on Binance Convert from 3 a.m. UTC Sept. 26 until 3 a.m. UTC Sept. 29. Manual conversion can only be done from USDC, USDP, and TUSD to BUSD and not the reverse during that period.
The minimum amount for manual conversion is 1 USDC, USDP or TUSD. User balances of less than 1 USDC, USDP or TUSD will be converted during the Auto-Conversion.
After the Auto-Conversion is completed, users can withdraw USDC, USDP, or TUSD at a ratio of 1:1 from their BUSD balances.
Binance may amend the list of stablecoins eligible for auto-conversion.
What Is Binance:
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.