Binance to remove USDC as a tradable asset.

[tvplus006]

...I hate this about Binance that is looking for all means to make sure BUSD dominates the stable coin by all means,

Thus, although forcibly, traders will begin to use BUSD more in their trading. And this is the main goal of Binance, since it is she who is the issuer of this stablecoin. Accordingly, we can expect that in the near future the Circulating Supply of BUSD will increase, which in turn will strengthen the position of Binance in the cryptocurrency market even more.

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[Mpamaegbu]

To be candid, I was really flummoxed the first time I saw that USDC token traded on Binance. Reason being that I never expected that Binance was going to allow an alternative to its stablecoin – BUSD – on its exchange. It should be highlighting its product against other stablecoins in its territory to further boost it. Every exchange that has a stablecoin should also do likewise with its token. It helps increase liquidity of the chosen token in furtherance to strengthening it.

[ololajulo]

According to the Binance article that I read about it through the twitter link that you posted above, not only USDC, but USDC, USDP and TUSD.

According to the Binance article, people will still be able to deposit and withdraw in USDC, USDP and TUSD. But for trading, it would be automatically converted to BUSD on Binance. But if you deposit USDC, USDP and TUSD, you will be able to withdraw in the respective coins.

I hate this about Binance that is looking for all means to make sure BUSD dominates the stable coin by all means,

Whichever way you put it in my own opinion, Binance decision will out-rightly stop the trade of it on their exchange. Why deposit a coin on an exchange to withdraw it later, it just doesn't make sense, if they still allow USDT, it is still a fair idea. Most of these stable coins are likely going to have problem in the future with result of algorithm stable coin and the dump. Stable coins are the most shady crypto in the space, they just print money anyhow. I also don't think binance should give such favorable platform to other competitive stable coin when stable coin use will increase soon when bottom purchase will resume.

[Franctoshi]

USDC is the second largest stablecoin after USDT and the third is BUSD according to this article https://www.coindesk.com/business/2022/09/05/binance-to-convert-users-usdc-usdp-tusd-into-its-own-stablecoin-busd/ the difference between USDC and BUSD is very big, so this could be the reason that they want to make BUSD the second largest stablecoin or if possible take over USDT's position, and use Binance as part their exchange to fulfill those desires. This is a business and the strong will try to be stronger especially if they have that ability

I guess so, but despite them being the largest cryptocurrency exchange by volume, I don't see this change affecting anything or maybe make BUSD become the most useful/traded stablecoin since they are not the only exchange in existence, when we have Coinbase, FTX , kucoin, kraken etc still in business and still have USDC and USDT trading in their platforms , Therefore I don't think BUSD becoming second or first in the stablecoin leaderboard could be determine by this. However is a business strategy for them but in my own opinion,  I don't think this will change anything so far USDC and USDT is still serving its purposes.

[kamvreto]

USDC is the second largest stablecoin after USDT and the third is BUSD according to this article https://www.coindesk.com/business/2022/09/05/binance-to-convert-users-usdc-usdp-tusd-into-its-own-stablecoin-busd/ the difference between USDC and BUSD is very big, so this could be the reason that they want to make BUSD the second largest stablecoin or if possible take over USDT's position, and use Binance as part their exchange to fulfill those desires. This is a business and the strong will try to be stronger especially if they have that ability

I guess so, but despite them being the largest cryptocurrency exchange by volume, I don't see this change affecting anything or maybe make BUSD become the most useful/traded stablecoin since they are not the only exchange in existence, when we have Coinbase, FTX , kucoin, kraken etc still in business and still have USDC and USDT trading in their platforms , Therefore I don't think BUSD becoming second or first in the stablecoin leaderboard could be determine by this. However is a business strategy for them but in my own opinion,  I don't think this will change anything so far USDC and USDT is still serving its purposes.

The delisting and automatic conversion of USDC, USDP, TUSD to BUSD was a surprise today, and this is the absolute decision of binance. But globally, it certainly won't have enough effect on other markets. Maybe Binance just wants to highlight BUSD as the main stablecoin on Binance. This policy will focus on BUSD as the second stablecoin after USDT. No need to worry because this only applies on binance and not the same thing as UST.

[adaseb]

Don't many exchanges do this already. I think if you deposit USDC to FTX it automatically is creditted as USD. The reason they do this is because it doesn't make sense to have markets like

BTC/USD
BTC/USDT
BTC/USDC
BTC/BUSD
BTC/TUSD
etc

If you combine all of them you get better liquidity and you save from having to convert between stablecoins like USDC/USDT.

[topman21]

Source: https://twitter.com/WatcherGuru/status/1566847870841520129

So if you're a USDC user, you should think twice, because I wouldn't be surprised if we see something worse in the coming days. So it is good to be careful in advance.

This is great news. Because such news makes people more liquid. Binance has made such an announcement but we are yet to see it.USDC has not been removed yet. But it will probably not be removed.1:1USDC is equal to one BUSD making it a stable coin.I don't see any problem here but still don't understand why they decided to remove USDC.

[bocyaj]

It will be not the good move by the binance,because the usdt was hold by good number in total.It was hidden one in the trading,many old traders had some good benefits till now.But the same was changed for now,the holders money was crashed huge for now.USDC had lost his reputation over the traders by this move.

[sana54210]

The delisting and automatic conversion of USDC, USDP, TUSD to BUSD was a surprise today, and this is the absolute decision of binance. But globally, it certainly won't have enough effect on other markets. Maybe Binance just wants to highlight BUSD as the main stablecoin on Binance. This policy will focus on BUSD as the second stablecoin after USDT. No need to worry because this only applies on binance and not the same thing as UST.

It's fine if they will delist usdc on their platform but what is unacceptable for me is the fact that they auto convert the usdc and other stable coins to their own stable coin. I think this is clear that they want to make their stable coin at the top by stealing the volume of usdc. Let's hope that other exchanges won't do the same thing.

If I am right that binance has this intention then they could do more crazy things like paying other exchanges only to delist usdc on them. The issue on ust is different from here. Ust collapses on its own, that is why it's being delisted on so many exchanges while usdc is a non algo stable coin so there are no collapses that will happen.

[mindrust]

Source: https://twitter.com/WatcherGuru/status/1566847870841520129

So if you're a USDC user, you should think twice, because I wouldn't be surprised if we see something worse in the coming days. So it is good to be careful in advance.

I expect a retaliation from Coinbase by removing USDT from coinbase. That would heat things up. Maybe it will be the beginning of the end of the stable coin scam. If crypto somehow dies one day, it will be by the hands of the stable(!) coins. None of them are audited, nobody knows if they are really backed, it is a very useful tool to manipulate the markets... The sooner we get rid of them, the better it is for crypto.

[rhomelmabini]

They just want to take action considering how competitive stablecoin nowadays, I still think that USDC was more decentralized compared to the likes of BUSD and USDT. I don't think that it will have significant effect on the overall market but it's expected that FUD may continue. I wonder what's coming next.

[jrrsparkles]

We can't expect the competitors of particular field to support each other forever, this is the time so the exchanges are encouraging their own coins and tokens to be used on their exchange which seems not a wonder for me. But due to this the coin is going to crash?

No way. But holding any stable coin has such risk.

[_act_]

It helps increase liquidity of the chosen token in furtherance to strengthening it.

It is true that BUSD would be able to become more liquid on Binance if it is done that way, but Binance is making false statement, because USDC are all having high liquidity on Binance. There are many other exchanges that do have those coins but do not have up to the trading volume on Binance while the coins are still very liquid on those exchanges. Binance only wants BUSD to dominate, nothing more than that. They are only using something that people would see as a good reason as backup.

[goaldigger]

We can't expect the competitors of particular field to support each other forever, this is the time so the exchanges are encouraging their own coins and tokens to be used on their exchange which seems not a wonder for me. But due to this the coin is going to crash?

No way. But holding any stable coin has such risk.

Competition might be the real reason here, and yes maybe Binance wants to encourage their users to adopt BUSD than to use other stablecoins. We might see another news about delisting USDT on their option too, well who knows. This won't affect USDC but if there's a continues fud regarding this news, we might see another drama with the stablecoins. Binance is very competitive, they know what they are doing and they are confident that this can bring good result to them, let's just see.

[DanWalker]

I hate this about Binance that is looking for all means to make sure BUSD dominates the stable coin by all means,

This action of Binance will certainly be opposed by many people, but it is not unusual for them to prioritize their own children. The battle for stablecoins is becoming more and more fierce as the majority of the market is held by USDT and USDC, BUSD is only ranked 3rd with a total market capitalization of more than 18 billion USD, a relatively low number compared to the other 2 stablecoins.

They still haven't dared to get rid of USDT as it is still the most influential stablecoin in the market, its removal from Binance will definitely happen but not now. I think Binance will have a bit of trouble with this decision, in addition to the objections of users, they will have trouble with the issue of monopoly, abuse of power.

[AnonBitCoiner]

This is very bad action Binance taken. This will have the down the faith of people on Binance. Binance want to move their stable coin to top 1 and they are all doing for this. Personally I like usdc and want to hold then any other coin. Busd is not bad stable coin but they should make a DAO for this.

[arwin100]

This is very bad action Binance taken. This will have the down the faith of people on Binance. Binance want to move their stable coin to top 1 and they are all doing for this. Personally I like usdc and want to hold then any other coin. Busd is not bad stable coin but they should make a DAO for this.

At first there's no surprise that many would disagree or dislike this announcement especially to those people owned that assets but people will just forget about this and convert to use BUSD instead of other stable alts. Binance is just maximizing the usage of their BUSD in there exchange so for them this is a good move because they can assure that they will not get dominated by other alts which  been listed on their exchange.

[stompix]

It is great news, because it means more liquidity.

It's terrible news!
We have the largest exchange that claims to be all about decentralization and freedom and about the trust of users purposely sabotaging a competitor here. I can't believe that on this forum there would be a person clapping for this when it's a copy-paste move on how Microsoft wanted to kill Netscape not can I believe there are people defending this exchange when all that it has done to date has been lying its customers and even trying to hurt bitcoin by imposing fees 10x higher on the bitcoin chain that on their shitcoin.

[tranthidung]

They just want to take action considering how competitive stablecoin nowadays, I still think that USDC was more decentralized compared to the likes of BUSD and USDT. I don't think that it will have significant effect on the overall market but it's expected that FUD may continue. I wonder what's coming next.

It's their exchange so Binance can do things they want and if they can take advantage of it, they should do that.

Nobody can require Binance to maintain other stable coins on their exchange if it will create more competitiveness against Binance BUSD. They don't want it and they have rights to do it, so it must happen.

So far people only discussed about Binance but they forgot to discuss that many other exchanges intentionally ignore BUSD for trading pairs on their exchanges. It has happened many months and if it is intentionally fighting against Binance (that I believe it is), it's fair enough for Binance to do the same fighting.

[|MINER|]

I have already Heard a rumour about the reason behind the destruction of Luna and UST.  Actually now I'm confused as to what is going to be the cause for doing this . It can be also a cause that to make more good market of their BUSD . I think this is not good news for USDC and their holders. For this they will definitely loose a huge market and I also think that every usdc stable coin holder to watch eye on it.