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This week, Binance revealed plans to phase out three stablecoins on its trading platform: USD Coin , TrueUSD and USDP Stablecoin . The three assets, as well as associated spot trading pairs, will no longer be tradable on the exchange. In addition, Binance plans to terminate other services related to USDC on its platform, such as staking.
The transition is essentially an effort to centralize liquidity into the exchange’s own stablecoin, Binance USD , based on an explanation tweeted by CEO Changpeng Zhao. The exchange will convert users’ remaining holdings of USDC, TUSD and USDP into BUSD over a span of 24 hours, commencing on Sept. 29. A conversion of Tether to BUSD, however, was not included in Binance’s plans, though that could change, according to a Binance spokesperson.
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