USDC, USDP & TUSD will be removed on Binance exchange

[Pamadar]

It's business, They need to get competitive with their rivals and delisting such tokens is one way to show how they fight. I also believe that we don't need so many stable coins in the market. We have many stable coins in the market right now and most of them have same concepts, The only one who should stay is the one who has the original concept.

Yeah, it's more on competition and there's no need to see more classes of stable coin if there's nothing

but to utilize the main function, if they decided to remove those coins they are just limiting the numbers as they also
have one that with the same concepts it is on their hands whether to keep or to remove whatever coins they think
is no longer worthy to stay with their platforms.

[ChiNgadOr]

It's business, They need to get competitive with their rivals and delisting such tokens is one way to show how they fight. I also believe that we don't need so many stable coins in the market. We have many stable coins in the market right now and most of them have same concepts, The only one who should stay is the one who has the original concept.

Stable coins are there numbers is very surprising to me and having too many and some crashing will make investors to panic on rumors and which one to hold doing market volatility or long term holding.
Maybe removing so many stable coins from Binance is to reduce the risks of investors holding stable coins that does not have strong team that can back it up doing market volatility or dumping. We all had big loses on terra which had made many to think twice before investing or holding stable coins.

[serjent05]

It looks like CZ wanted to dominate the stablecoin world, reason why he is going to stop other stablecoin trading in his exchange platform.  Well, it is his right to do so, and I think it is fine since deposit and withdrawal is still available for those stablecoins.  Its that if anyone tries to trade them, they need to convert them to BUSD and do the trades.  As for me, I don't mind as long as I can still deposit and withdraw it from the platform.  It is just an extra step if we wanted to trade with those stablecoins.

[gabbie2010]

It's business, They need to get competitive with their rivals and delisting such tokens is one way to show how they fight. I also believe that we don't need so many stable coins in the market. We have many stable coins in the market right now and most of them have same concepts, The only one who should stay is the one who has the original concept.

Stable coins are there numbers is very surprising to me and having too many and some crashing will make investors to panic on rumors and which one to hold doing market volatility or long term holding.
Maybe removing so many stable coins from Binance is to reduce the risks of investors holding stable coins that does not have strong team that can back it up doing market volatility or dumping. We all had big loses on terra which had made many to think twice before investing or holding stable coins.

I think BUSD and USDT is the most sought after stable coin in trading with huge capitalization thus more credible than USDC, TUSD and USDP, personally I traded with crypto/USDT and I am very sure many traders also chooses the pair for trading and for it withdrawal which is fast and Swift, infact in Binance trading App the two market options are crypto/BUSD and crypto/USDT, Binance is trying to protect the interest of investors hodling their coins in those stable coins and I believe with this announcement those investors will move their coins to other reliable stable coins especially BUSD.

[kro55]

I am on the Binance side on this, I don't understand why we need many stablecoins. I never consider stable coin is an investment, so I don't really pick which one should I use. The only reason why I have stable coin is just to prepare for an entry on market or just to send it to other people so its more of their option rather than mine.

I agree that having too many stable coins does not solve any problems, but only confuses us when making a decision. but this move of binance i don't support very much, we can't depend on binance too much, that will jeopardize us and the market. Once binance crashes, all binance products are affected, if we just use all of their products once there is a problem then we will have a lot of trouble. The market should have diversity from many different sources, not too concentrated on one person.

[john1010]

Source: https://techcrunch.com/2022/09/05/binance-issuer-of-stablecoin-busd-to-discontinue-support-for-usdc-usdp-and-tusd/

Okay so since it's about competition, we only have until September 29 to see USDC, USDP and TUSD on the Binance exchange. If we don't convert them on or after Sept 29, they're automatically gonna convert them to BUSD.

Anyways, I still have USDC on Polygon mainnet, Solana, etc., in my non-custodial wallets so after September 29 I need to convert them to USDT before depositing.

Any thoughts, reactions or opinions about this one guys? Would like to hear more from the community. Thanks in advance.

Binance should keep BUSD on the limelight, either me, I don't even use that stable coins, I only use BUSD and USDT on Binance platform, It's their right to decide. Using BUSD has a big advantage if you trade that fair because the trading fee cost is low, while USDT has wide usage in many trading platforms, for me, I'm okay with the delisting of that stable coin.

[kojektea]

binance has the right to do that because it already has its own stable of coins which is BUSD. I think too many stable coins in circulation is also not good, just one or two, except for the private market based on the token it is very reasonable. if there are many different stable coins, we will be confused about choosing them even though their functions are the same, what binance is doing is not wrong in my opinion.

[Tony116]

Binance may want to avoid the competition. That would be CZ's natural right. We also know very well that stablecoins in the market are very risky and centralized structures. But if other exchanges that offer more options for their customers allow these cryptocurrencies, Binance will lose customers over time. This arrangement may have many advantages, but in the long run, it will cause Binance to lose customers. In addition, it can be considered as an application that will pave the way for Binance to destroy the coins it sees as competitors.

USDT is still the most popular stablecoin and they have not eliminated it along with other stablecoins, show they have strategies in place to minimize the risk of losing customers. For those who use binance regularly, I think it won't be a big deal, as I believe they will also use BUSD before that to enjoy some of the binance incentives. Currently, binance is known as the exchange with the largest trading volume, the exchange has good services that bring the most satisfied user experience. This is their great advantage, so if anyone has ever used binance, it will be difficult to use other exchanges. This action will make the opponents very angry, it has an element of monopoly but there is nothing they can do.

[MAAManda]

It looks like CZ wanted to dominate the stablecoin world, reason why he is going to stop other stablecoin trading in his exchange platform.  Well, it is his right to do so, and I think it is fine since deposit and withdrawal is still available for those stablecoins.  Its that if anyone tries to trade them, they need to convert them to BUSD and do the trades.  As for me, I don't mind as long as I can still deposit and withdraw it from the platform.  It is just an extra step if we wanted to trade with those stablecoins.

I don't think that CZ wants to dominate the stablecoin market. If he and Binance wanted to do that, USDT should also be on the delist from Binance, not just USDC, USDP and TUSD. Of course they have clear reasons why they made the decision to delist USDC, USDP and TUSD, but it's impossible for them to clearly tell their reasons publicly. This is purely a competition. As far as I can see, Binance's policies don't have an overall bad impact on the crypto public, it's just that they narrow the adoption of Stablecoins other than BUSD, which is a minor issue, because we know that Binance is the number 1 exchange ATM.