Binance to remove USDC as a tradable asset. - page 3.

goaldigger

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Quote from: jrrsparkles on September 07, 2022, 05:53:55 AM

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.

_act_

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Quote from: Mpamaegbu on September 06, 2022, 05:07:30 AM

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.

jrrsparkles

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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.

rhomelmabini

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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.

mindrust

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Quote from: ScamViruS on September 05, 2022, 02:59:04 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.

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.

sana54210

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Quote from: kamvreto on September 06, 2022, 09:41:30 AM

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.

bocyaj

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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.

topman21

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Quote from: ScamViruS on September 05, 2022, 02:59:04 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.

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.

adaseb

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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.

kamvreto

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Quote from: Franctoshi on September 06, 2022, 08:50:23 AM

Quote from: Strongkored on September 06, 2022, 03:16:55 AM

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.

Franctoshi

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Quote from: Strongkored on September 06, 2022, 03:16:55 AM

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.

ololajulo

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Quote from: _act_ on September 05, 2022, 03:16:20 PM

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.

Mpamaegbu

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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.

tvplus006

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Quote from: _act_ on September 05, 2022, 03:16:20 PM

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

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.

Strongkored

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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

mk4

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Quote from: ScamViruS on September 05, 2022, 02:59:04 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.

You're most probably over analyzing this. Chances are, USDC deposits and withdrawals are still going to be available — it's just that it will be automatically converted to BUSD at deposit just so they have far less USD trading pairs(hence having more liquidity).

And it's obviously also a marketing ploy for BUSD.

blue_hurricanger

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Binance wants to have more liquidity for BUSD trading pairs. Having a bunch of different stablecoins for each of every coin is dumb. Slowly increase the number of different stablecoins other than BUSD and USDT on Binance's hands as they got it from trading fees. After the Terra Luna and UST, I think Binance has enough with all the shitty stablecoins that are unreliable and easily lose their peg in extreme conditions. So this is their attempt to reduce the risk from shitty stablecoins in Binance platforms.

examplens

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I personally do not like this kind of centralized ~~manipulation~~ changes by the largest exchange, it seems they can do whatever they want and that is not what we want to have. unfortunately at this moment, they (Binance) have too much influence and power on the market.

however, is it really necessary to have such a large number of different xUSD or USDx currencies? all have equal value.

libert19

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It's just trading pair change, you can always convert back to usdc from busd, it's not that bad honestly. This is good idea to lessen the amount of trading pairs as well.

noorman0

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Quote from: _act_ on September 05, 2022, 03:16:20 PM

-snip-
According to the Binance article, people will still be able to deposit and withdraw in USDC, USDP and TUSD.

It's good that they are still withdrawable, meaning this will help keep the peg value between the stable tokens at 1:1. The problem is that if they don't have sufficient reserves of other stable tokens, maybe withdrawals will pending (and this is the main concern of users) or users will have to be forced to withdraw in BUSD. Not everyone likes BUSD especially if it's not listed on other exchanges that users are used to.

Topic: Binance to remove USDC as a tradable asset. - page 3. (Read 693 times)