Cryptocurrency exchange Binance will start automatically converting some stablecoins from user balances to BUSD starting September 29.

#Binance Automatic Conversion $USDC, $USDP, $TUSD with #BUSD (BinanceUSD).

— Binance (@binance) September 5, 2022

“To improve liquidity and capital efficiency for users, Binance is implementing 1:1 automatic conversion for existing user balances and new deposits in USDC, USDP and TUSD stablecoins,” the exchange said.

According to them, users will start “trading a consolidated BUSD balance” which will reflect their holdings in four stablecoins.

“This will not affect the withdrawal choice, users can withdraw 1:1 to their account balance in USDC, USDP and TUSD in BUSD,” Binance said.

The changes will affect almost all functions and services of the platform, including:

• spot trading – USDC/BUSD, USDC/USDT, USDP/BUSD etc. support for currency pairs will be stopped;
• futures — for example, USDC support will end on USDⓈ-M instruments;
• margin trading — lending support will end for the above stablecoins;
• savings and staking products – Flexible Savings and DeFi Staking based on USDC will no longer be supported;
• Liquid Swap – USDC/USDT pool will be closed, coins will be transferred to spot wallets;
• crypto loans;
• BinancePay;
• Binance Gift Card.

Exchange representatives also noted that they may change the list of stablecoins subject to automatic conversion in the future.

Binance previously suspended the institutional account of Tezos ecosystem-focused startup Baking Bad.

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