Cryptocurrency exchange Binance will end support for USDC stabelcoin and forcibly convert it to its own Binance_USD (#BUSD). On September 29, Binance will forcibly convert user assets from USD Coin to Binance USD. The same will happen with two smaller stabelcoins, PaxDollar and TrueUSD, which are also forcibly converted to the exchange’s Coin. This not only promises inconvenience to users, but major problems for Circle Internet Financial, which is the issuer of USDC and was planning to go for an IPO. After such actions, Binance may take the leading place in the market of stabelcoins and make its subordinate Binance USD the largest in terms of capitalization.
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