Binance to Auto-Convert USDC, USDP, TUSD to Its Own Stablecoin

Binance announced its BUSD auto-conversion program, a company blog post said Monday (Sept. 5), which converts one-to-one USDC, USDP and TUSD stablecoins to Binance’s own BUSD.

The world’s largest crypto trading platform also announced that it would remove USDC, the second largest stablecoin, from its spot trading pairs list.

It won’t come at the expense of users’ choice of withdrawal — they will still be able to withdraw funds at a 1:1 ratio in those three stablecoins. The release said existing balances of the stablecoins will be automatically converted to BUSD as of Sept. 29, with users seeing the converted balance on their accounts within a day after that.

BUSD is a new stablecoin Binance has made in partnership with Paxos.

Those who want to convert their balances to BUSD before the auto-conversion can do it manually through Binance Convert until the auto-conversion takes place.

And Binance says it might edit the list of stablecoins eligible for auto-conversion later.

PYMNTS wrote recently that Binance has been talking with Nigerian authorities to fast-track blockchain technology for the country, through setting up a digital economic zone.

Read more: Report: Binance in Talks to Create a Nigerian Digital Economic Zone

The Nigeria Export Processing Zones Authority said it was looking into making a digital hub akin to the Dubai virtual free zone. The government has set up regulations this year for trade in digital assets. Nigeria intends to start a blockchain-enabled platform to improve trade.

This comes because Nigerians have been enthusiastic participants of crypto, more so than any other country since crypto’s value started to decay earlier in the year, per data from CoinGecko.

Nigeria is also one of the most prosperous nations in Africa, and has been looking into new ways to diversify its economy, rather than rely on crude oil.

This has been helped along by a younger, more connected populace, in a current environment where FinTechs like Interswitch and Flutterwave have gotten off the ground and earned billion-dollar-plus valuations.

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