Binance's move to automatically convert USDC and two other stablecoins may lead to more USDC flowing into the exchange, according to the CEO of Circle,
Binance’s decision to convert USDC automatically to BUSD will be good for liquidity, Circle’s CEO said.
Binance said yesterday it will convert balances and new deposits of USD Coin , Pax Dollar and TrueUSD to its own stablecoin in a 1:1 ratio. Users will still be able to withdraw these coins at the same ratio from BUSD even after the auto-conversion happens. Crypto exchange FTX effectively does the same thing, crediting USD, USDC, TUSD, USDP, BUSD and HUSD deposits with USD Stablecoins in a 1:1 ratio, Steven Zheng, from The Block Research's team, pointed out.
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