Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Ratnakar Das on September 06, 2022, 08:15:07 AM
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Source: https://techcrunch.com/2022/09/05/binance-issuer-of-stablecoin-busd-to-discontinue-support-for-usdc-usdp-and-tusd/
Okay so since it's about competition, we only have until September 29 to see USDC, USDP and TUSD on the Binance exchange. If we don't convert them on or after Sept 29, they're automatically gonna convert them to BUSD.
Anyways, I still have USDC on Polygon mainnet, Solana, etc., in my non-custodial wallets so after September 29 I need to convert them to USDT before depositing.
Any thoughts, reactions or opinions about this one guys? Would like to hear more from the community. Thanks in advance.
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In my opinion, it will not significantly affect the crypto space as these coins practically have the same value. The move to consolidate trading pairs is also good since traders will converge into BUSD pairs hence more liquidity, better spread, depth, etc. At the moment they will still support USDT though since it has a bigger market share, but I won't be surprised if they remove USDT as well in the near future, considering I also use more BUSD (with cheap Smart Chain) instead of USDT recently.
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You don't have to worry about this news, because you have USDC in a non-custodial wallet so you can sell the USDC you have on other exchanges, for example Dex exchanges and Check exchanges that still accept USDC, so far Binance is doing that for trading pairs on their exchange platform, from here we can use other exchanges that provide USDC pairs to trade, for example BTC/USDC on other exchanges.
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It is not so clear to me what can be the biggest reason with this move by Binance to get away from USDC and other similar stblecoin...but whatever it is this is not really an earth-shaking kind of thing for all of us. As to how this can be affecting USDC, well that remains to be seen. People with USDC got nothing to worry with this development though as this is to me just a technical matter. Maybe Binance is just flexing its muscles here showing the market on how influential it really is.
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For me, there is no difference between USDC and BUSD, both of them cannot prove that the currencies they have are fully covered or backed by one dollar, but the step comes to strengthen BUSD volumes, as it seems to be an indirect force for users to buy it because the choice they have will be limited.
they did not add USDT because high volumes and people will move to another exchange if they did that.
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Bad news to hear that.
I always hope stable coins will exist,
USDC, USDP, TUSD maybe didn't back up by dollar.But It's good for pairing.
But It depend on binance team.
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Binance is looking to promote their BUSD in this market. A simple way is to restrict other stablecoins like TUSD or USDP. I was quite surprised because USDC is also on the list, USDC is the 2nd largest stable coin in the market after USDT.