According to Binance, the action is due to its plans to enhance liquidity and capital-efficiency for users.
This move by Binance will be a big blow to Circle USDC due to the volume of traded assets on Binance.
Circle’s USDC is the second largest stablecoin in the crypto market with a market cap of $52 billion, only second to Tether’s USDT, Binance’s BUSD came after USDC with a $19 billion market cap, TUSD and USDP market caps are smaller.
Source:
https://mycryptoparadise.com/binance-to-convert-users-usdc-usdp-and-tusd-to-busd/