Binance Wants To Make Its Own Cryptocurrency The Biggest Stablecoin!

Earlier this month, the most popular cryptocurrency stock market Binance, USDC announced its plan to cease support for transactions.

USDC Deposits Will Automatically Be Converted To BUSD, Binance’s Own Cryptocurrency

Another shock to USDC, the second largest stablecoin, came from the Indian stock market. Indian exchange WazirX is preparing to delist the stablecoin.

Indian exchange WazirX follows Binance in its stablecoin preferences.

With the update, delisting USDC and BUSDWazirX exchange also joined Binance in supporting .

It looks like Binance is aiming to increase the use and volume of BUSD and make it one of the best stablecoins.

However, given Binance’s huge crypto volumes, this could have a significant impact on the future of USDC.

All USDC according to plan, USDP and TUSD stablecoin deposits will be converted to BUSD on the exchange.

Meanwhile, the Indian stock market WazirX USDC announced that it is stopping USDP and TUSD deposits and cutting support for new deposits.

After delisting, users’ stablecoin balances will be automatically converted to BUSD before Oct.

However, the market value of USDC is likely to experience a decline in the near future.

The largest stablecoin by market cap, Tether’s USDT is currently worth a total of $67.92 billion.

USDC, on the other hand, has a total market capitalization of $50.13 billion.

Recent growth patterns showed that USDC could exceed USDT’s overall market size.

However, the Binance auto-conversion factor may slow the growth rate of the USDC stablecoin. In addition, WazirX’s delisting of USDC could negatively impact the stablecoin.

*Not investment advice.