Binancethe world’s largest cryptocurrency exchange announced this Monday that it will present the “automatic BUSD conversion”and will be used to automatically convert all holdings of USD Coin (USDC), Pax Dollar (USDP) Y TrueUSD (TUSD) in its 1:1 equivalent in BUSD, the platform’s stablecoin.
When will the “automatic conversion” be done?
The measure will be carried out on September 29, 2022 with the aim of improving liquidity and capital efficiency for users. faced with a series of irregularities with stable currencies in recent months; It was also announced that the trading pairs with these currencies (USDP), (USDC) and (TUSD) will be completely disabled.
Starting September 29, users will trade with a consolidated Binance USD balance on the platform that reflects their balances of each of the stablecoins.
Binance encourages traders and investors who use margins or trade futures not to add or close positions before the 24-hour conversion period.as the company will perform an automatic settlement, effectively closing and canceling all pending orders using the above pairs.