Binance to remove USDC as a tradable asset.

tranthidung

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Quote from: tvplus006 on October 05, 2022, 07:22:08 PM

Indeed, even before the introduction of these rules, trading to BUSD was more profitable for traders, since Binance did not charge a commission. But if this is only the first step to leaving trading pairs only for BUSD and Binance after USDC, USDP and TUSD will also remove the trading pair to USDT.

They provide offers that are good for their users but in return it is good for Binance too. Binance create trends in cryptocurrency especially in crypto exchange ecosystem. Other exchanges usually try to learn from Binance and do similar things on their exchanges.

Being a learder is good but it has minus point too. Other exchanges gradually have more fighting against Binance. Some exchanges don't have BUSD for deposit, withdrawal and trading. Some other exchanges are more seriously by reject to add BNB to their exchanges. OKX exchange is an example: no BUSD, no BNB.

No matter what exchange starts the war, it is fair enough for both sides to exclude tokens or stable coins from competitive exchanges.

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Quote from: tvplus006 on October 05, 2022, 07:22:08 PM

Quote from: ShowOff on September 30, 2022, 12:09:39 PM

...But I don't think it's a big problem because in general BUSD and USDT dominate the trading pairs on Binance. I've never even traded anything for USDC, a lot of other people might as well. I personally tend to use USDT and BUSD trading pairs on binance, so removing USDC on binance is not a problem for me.

Indeed, even before the introduction of these rules, trading to BUSD was more profitable for traders, since Binance did not charge a commission. But if this is only the first step to leaving trading pairs only for BUSD and Binance after USDC, USDP and TUSD will also remove the trading pair to USDT.

we all know that BUSD is Binance itself, so it's only natural that the second largest caped USDC after USDT they remove it from the exchange,
because otherwise BUSD will never have the second largest cap, so the mission of CZ is to make BUSD second only to USDT,
and if that works maybe USDT will also be removed too.

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Quote from: Hamza2424 on October 01, 2022, 01:34:18 PM

My Personal Analysis says that the USDC is more stable and Reserve based Stable coin as compared to the USDT. USDT is not at all a good stable coin i am not in the support of the any stable coin but USDT is one which i don't prefer to use USDC gained a lot of capital last few Quarters and we know How USDT is a non-reliable coin. Binance this step will discourage the decentralization of the Stable money

Recently, it was reported that USDT holds 58% of its assets in US t-bills and they said they will convert all the rest from Commercial Papers into US t-bills, the results will be announced within 45 days. This is considered a good step by USDT in making its assets transparent. It can be said that USDT has never been transparent about their collateral but it is always the most used stablecoin today, maybe binance also wants to get rid of USDT but they don't dare now because the number of USDT users is really huge. In the future, I think it will happen as they ramp up their marketing for their BUSD.

https://twitter.com/paoloardoino/status/1576876119328194562

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Quote from: ShowOff on September 30, 2022, 12:09:39 PM

...But I don't think it's a big problem because in general BUSD and USDT dominate the trading pairs on Binance. I've never even traded anything for USDC, a lot of other people might as well. I personally tend to use USDT and BUSD trading pairs on binance, so removing USDC on binance is not a problem for me.

Indeed, even before the introduction of these rules, trading to BUSD was more profitable for traders, since Binance did not charge a commission. But if this is only the first step to leaving trading pairs only for BUSD and Binance after USDC, USDP and TUSD will also remove the trading pair to USDT.

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Quote from: Oshosondy on September 05, 2022, 03:28:07 PM

Quote from: abel1337 on September 05, 2022, 03:09:49 PM

Though I'm thinking why did Binance remove these stable coins? Are they moving aggressively?

No other reasons, Binance wants to dominate the crypto world. They want their coin, BNB to dominate. They want their stable coin, BUSD to dominate. They have the dominant exchange now, Binance which they know many people are using.

The damage I see about this is that Binance users will later prefer BUSD and not go for the other stable coins mentioned. Binance want more popularity for everything about them.

You sound like dominating is something easy to do, if not other exchanges will also fight to Dominate. Besides, I don't see any problem with binance trying to strengthen their own coin, binance worked their way to the top and still working twice hard to maintain that position.

If the number of users of busd is not up to what they expect, it is very likely they will come up with best way to increase the user base, what do they benefit in supporting other stablecoins when they can easily promote their own.

You can use your usdc in other exchanges, binance did not prevent you. Business is about survival for the fittest, making tough decisions and not playing favourism.

blue_hurricanger

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Also, once more interesting I want to point out that Binance did have some bait and switch tactics to get more people to convert their USDC to BUSD. I think around September, Binance introduced the high APR flexible staking/saving for BUSD/USDT. This concludes with news coming out beforehand about Binance to remove the USDC as trading pair. With no usage for the USDC, I think most people would rather convert to BUSD/USDT, especially for that very attractive APR (20% APR for below $200, 10% APR for $200-2000).

Now, everything seems in effect with fewer users of USDC, and no pushback from the community, they 'switch' by lower that APR to 8% only for below $1000.

monineklutak

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USDC can be said to be a stable coin that has good fundamentals,
with Rank 4 according to coinmarketcap and below USDT of course USDC can compete,
but we know that Binance has their own stable coin, BUSD,
so it's only natural that they delist USDC because they want users to switch to BUSD so that the marketcap of BUSD is better than USDC.

Hamza2424

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My Personal Analysis says that the USDC is more stable and Reserve based Stable coin as compared to the USDT. USDT is not at all a good stable coin i am not in the support of the any stable coin but USDT is one which i don't prefer to use USDC gained a lot of capital last few Quarters and we know How USDT is a non-reliable coin. Binance this step will discourage the decentralization of the Stable money

monineklutak

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this is natural in the business world especially in cryptocurrencies and Binance is the pioneer platform after Ethereum,
and of course Binance in my opinion also has great strength with the existence of Binance Exchange and BUSD,
that's why CZ removed USDC because BUSD was the origin.

desmodiAN

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classic move to remove competition.
yet, if people like usdc more, they ll just use binance less. lets see how this removing of a heavily used stablecoin plays out. I hope they bite themself.

gunhell16

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Quote from: ScamViruS on September 05, 2022, 01:59:04 PM

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.

For those who love stablecoins these days, this is not a good sign for them. I'm just not sure if these events are related to what I'm reading that isn't good for the dollar($).

But anyway, as far as I know, even the other stablecoins in binance such as BUSD and others are in danger of being removed from the list of the well-known exchange platform here in cryptocurrency.

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Quote from: ScamViruS on September 30, 2022, 08:48:29 AM

A downtrend has been seen in the USDC marketcap due to Binance removing USDC trading pairs. On the other hand, Busd's marketcap increased by 8%. So here it is understood that binance will give more priority to their stable coin on their platform and binance has taken another step to dominate the future crypto market with Busd. Killing competitors is essential to dominate the market in the future, and this is what binance is doing.

This article has written about these issues...

https://decrypt.co/110797/stablecoin-markets-shift-binance-usdc-conversions

Just business things.

Binance did great for that and now they've seen the demand has increased for their BUSD on their own platform. Removing the other stable coin that would eat up their demand is a good business decision for them.

Well, they now got their own token, their smart contracts, their exchange and own stable coins. All things are circulating into that business model and with the fees and market cap that adds all of it.

tvplus006

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Today I discovered that all my stablecoins that were in the spot wallet were converted to BUSD. Despite the fact that I understand the reason why Binance made this decision, but I still think it is wrong to remove such a coin as USDC, which is the second capitalization.

ShowOff

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Quote from: ScamViruS on September 30, 2022, 12:31:41 PM

It is natural that Binance can do whatever they decide on their platform and use the best strategies for their growth. But USDC must have many users in the crypto market as it is the top four number. Capturing this huge marketcap is not an easy task if there is no demand. You may not use this coin but there are many more trader investors using this coin. I myself am also a USDT user. Most of the crypto trader investors are more interested in using USDT.

I've never felt responsible for making a stablecoin big and used more often than X or Y. It really depends on the desire and trust of the user, but given that Binance has its own stablecoins, the USDC trading volume is bound to fall due to the delisting.

Binance is responsible for the growth and maximum usability of its own stable coins on the platform, so I agree when you say they can do anything about it. As a stablecoin, I think USDC also has a good future to be used more on other platforms, so it's not a bad ending in my opinion.

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Quote from: ShowOff on September 30, 2022, 12:09:39 PM

Quote from: ScamViruS on September 30, 2022, 08:48:29 AM

A downtrend has been seen in the USDC marketcap due to Binance removing USDC trading pairs. On the other hand, Busd's marketcap increased by 8%. So here it is understood that binance will give more priority to their stable coin on their platform and binance has taken another step to dominate the future crypto market with Busd. Killing competitors is essential to dominate the market in the future, and this is what binance is doing.

That's their business and they will do their best to put their product above the rest.

This mindset may have led binance to remove USDC from their platform. But I don't think it's a big problem because in general BUSD and USDT dominate the trading pairs on Binance. I've never even traded anything for USDC, a lot of other people might as well. I personally tend to use USDT and BUSD trading pairs on binance, so removing USDC on binance is not a problem for me.

It is natural that Binance can do whatever they decide on their platform and use the best strategies for their growth. But USDC must have many users in the crypto market as it is the top four number. Capturing this huge marketcap is not an easy task if there is no demand. You may not use this coin but there are many more trader investors using this coin. I myself am also a USDT user. Most of the crypto trader investors are more interested in using USDT.

ShowOff

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Quote from: ScamViruS on September 30, 2022, 08:48:29 AM

A downtrend has been seen in the USDC marketcap due to Binance removing USDC trading pairs. On the other hand, Busd's marketcap increased by 8%. So here it is understood that binance will give more priority to their stable coin on their platform and binance has taken another step to dominate the future crypto market with Busd. Killing competitors is essential to dominate the market in the future, and this is what binance is doing.

That's their business and they will do their best to put their product above the rest.

This mindset may have led binance to remove USDC from their platform. But I don't think it's a big problem because in general BUSD and USDT dominate the trading pairs on Binance. I've never even traded anything for USDC, a lot of other people might as well. I personally tend to use USDT and BUSD trading pairs on binance, so removing USDC on binance is not a problem for me.

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A downtrend has been seen in the USDC marketcap due to Binance removing USDC trading pairs. On the other hand, Busd's marketcap increased by 8%. So here it is understood that binance will give more priority to their stable coin on their platform and binance has taken another step to dominate the future crypto market with Busd. Killing competitors is essential to dominate the market in the future, and this is what binance is doing.

This article has written about these issues...

https://decrypt.co/110797/stablecoin-markets-shift-binance-usdc-conversions

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Quote from: ScamViruS on September 05, 2022, 01:59:04 PM

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.

Why we must think twice? We only can't trade with USDC pair, but we can withdraw it. As long as we can withdraw it, we don't need to panic so much. So, nothing worse to happen, dude.

Quote from: _act_ on September 05, 2022, 02:16:20 PM

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

Sure, they seem to optimize the use of their BUSD. But sadly they try to get rid of other stablecoins as competitors. I think, this is not a wise decision, the existence of other stablecoins as trading pairs will make Binance to be more popular and it is very helpful for traders to have many options in trading. Removing USDC pair may trigger people to think that Binance is no longer a safe place for traders.

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Quote from: pawanjain on September 09, 2022, 11:05:56 AM

USDC has a huge marketcap and binance shouldn't have included USDC in the list.
I guess this is a smart move from binance to make sure BUSD is in the race.
So may be they are trying to take advantage of their own platform to secure some marketcap for BUSD.

This is binance's strategy to get their coins into a stronger position. A platform as big as Binance must take advantage of the market interest and that is what Binance is doing. USDC's marketcap is much higher than BUSD, even if binance tries to take advantage here, it won't be easy to get close to usdc. So it remains to be seen when BUSD overtakes USDC. Because the way binance has taken the step is definitely thinking about the competition.

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Quote from: jaberwock on September 10, 2022, 01:00:25 PM

Quote from: pawanjain on September 09, 2022, 11:05:56 AM

USDC has a huge marketcap and binance shouldn't have included USDC in the list.
I guess this is a smart move from binance to make sure BUSD is in the race.
So may be they are trying to take advantage of their own platform to secure some marketcap for BUSD.

And why not? Usdc is not a scam coin and for a big exchange like binance, they should have this in the list because almost all the crypto exchange do also have usdc on them. It has a huge marketcap so the coin deserves to be listed. Only those who are being removed are the coins with less and no volume because they consume space for nothing. I don't think this is a smart move from binance but I already see a big hate coming from them.

This is also a big loss from them as there are traders who are using the usdc pair but I think they won't care. What's important to them for now is that they will make their own stable coin on top.

The bolded part is exactly why I said that it is a smart move from binance. They are making their own stable coin on top by this move.
USDC is by far one of the best stable coins out there but binance is removing it. This will definitely give a negative short term impact on binance.
But this will get them a long term benefit. Also, I guess they are not removing USDC completely since they are converting USDC into BUSD directly.

Topic: Binance to remove USDC as a tradable asset. (Read 709 times)