Binance is pushing BUSD Stablecoin by abandoning USDC
Binance has announced that it would convert user balances and new deposits of USD Coin (USDC), Pax Dollar (USDP), and TrueUSD (TUSD) to Binance USD (BUSD) on September 29 at a 1:1 ratio.
The world’s largest digital asset exchange by trading volume is launching its “Auto-Conversion” solution for BUSD, which is presently the third-largest stablecoin by market capitalization.
Binance is offering BUSD Auto-Conversion for current holdings and new transfers of USDC, USDP, and TUSD stablecoins at a 1:1 ratio.
Prior to the introduction of Auto-Conversion, users may directly convert their USDC, USDP, or TUSD balances to BUSD from September 26 to September 29. However, manual conversation will not apply to balances of less than 1 USDC, USDP, or TUSD, as they will be converted as part of Auto-Conversion.
Users will still be able to withdraw money in USDC, USDP, and TUSD at a ratio of 1:1 to their BUSD-denominated account balance.
Following allegations that the money laundering department of the Department of Justice (DOJ) investigated Binance and its CEO, Changpeng Zhao, the statement was made. Authorities are apparently investigating whether Binance complies with US financial crime legislation.