Binance to remove USDC as a tradable asset.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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.

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Basically USDC is a stable coin from coinbase right so the competitors in the market when has their own product will never encourage the others that is what is happening here.

Due to the delisting or whatever the market is not going to be affected much because stable coins and the pairs are not limited to only one.

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Quote from: tranthidung on September 07, 2022, 08:40:10 AM

Quote from: rhomelmabini on September 06, 2022, 02:28:54 PM

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.

It's their exchange so Binance can do things they want and if they can take advantage of it, they should do that.

Nobody can require Binance to maintain other stable coins on their exchange if it will create more competitiveness against Binance BUSD. They don't want it and they have rights to do it, so it must happen.

I highly agree, Binance is actually being considerate here allowing the listed stablecoin to be continuously deposited and withdrawn in their exchange. Other exchange don't even have BUSD pair, or even listed on their exchange.

Quote from: tranthidung on September 07, 2022, 08:40:10 AM

So far people only discussed about Binance but they forgot to discuss that many other exchanges intentionally ignore BUSD for trading pairs on their exchanges. It has happened many months and if it is intentionally fighting against Binance (that I believe it is), it's fair enough for Binance to do the same fighting.

True, some exchanges have BNB listed but not BUSD, though I do not think Binance will do such thing, totally banning other stablecoin, since it will be a lost of their exchange if they delist all the other stablecoin.

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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.

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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.

If you are worried about stable currencies then you need to worry about all the stable currencies in the cryptocurrency space as everything is under the radar. USDT is always under the regulatory eye because they lack transparency and so is the case with every other so called stable currencies. The reason Binance is removing other stable currency is to concentrating on their stable currency and have more liquidity.

In short the more stable currency anyone purchase with your fiat currency, the more money they make, so it is a business decision as far as i understand Wink

.

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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,

My first thought after reading the opening post.
Well, it's not that it's illegal. It's their exchange after all but it could block those traders that are using these stablecoins with their pairs or got used to that kind of strategy.
It's not like it was banned but I think what Binance is trying to do is have it centralized with only the use of minimal types of stablecoins especially BUSD on the top. Perhaps with these, they could cover more issues and do a precise filter, lesser workload.

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Quote from: wxa7115 on September 09, 2022, 12:09:07 AM

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

This is just the way business works, it may seem unfair but it is obvious that binance is going to want people to use their own stable coin instead of the other ones you can find in the market, and while they cannot force you to do so they can at least guide you in that direction.

So if someone doesn't really like to move they can always leave the binance exchange behind and use another platform which allows them to use the stable coin they want, but I doubt many traders or investors are going to leave binance over something like this, and it is likely that binance thinks the same, which is why they have pulled off this move.

I don't think this will have much effect on Binance, and there won't be any switching customers, let alone those with large capitals, which require security of funds when using the exchange. there is still a choice of stable coins on binance, and if we pay attention of course this will be useful for traders to secure their assets after selling the traded coins and waiting for the moment to buy

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

This is just the way business works, it may seem unfair but it is obvious that binance is going to want people to use their own stable coin instead of the other ones you can find in the market, and while they cannot force you to do so they can at least guide you in that direction.

So if someone doesn't really like the move they can always leave the binance exchange behind and use another platform which allows them to use the stable coin they want, but I doubt many traders or investors are going to leave binance over something like this, and it is likely that binance thinks the same, which is why they have pulled off this move.

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We saw the news in a report that the USDC will be removed from the currency.However, those holding USDC in Binance can convert to BUSD by September 29.1 USDC equals 1 BUSD.It will not harm you and you can convert your USDC to BUSD without any compensation.However those of you who have USDC should convert to BUSD by September 29.

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And just now I got an alert on my phone from the Gemini App that they now have BUSD to Bull / Sell / Trade on Gemini. And just got an email about it too.
Could be a coincidence, could be them trying to get ahead of other places that may be listing it.

For the paranoid it could be them conspiring against us Wink

But, no matter what it is going to push more usage for BUSD.

-Dave

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On September 29th, USDC will be converted to their own exchange's stablecoin on the Binance exchange, and USDC will be removed.It's all a strategy to promote their exchange stable coin BUSD. It won't hurt anyone who has USDC in binance exchange.binance exchange just convert these usdc automatically in Binance's own stablecoin BUSD. which is also equal to one dollar.This method will not have any negative impact on the price as the ratio will remain the same۔Apart from this, the pairs of USDC will also disappear. And if someone wants to convert USDC to BUSD in advance, he can do it himself, there is no issue.

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Quote from: |MINER| on September 07, 2022, 12:57:06 PM

I have already Heard a rumour about the reason behind the destruction of Luna and UST.

If you paid attention, you would have known that Binance relist LUNA Classic with a first trading pair is LUNA / BUSD. Weeks later, they added another pair LUNA / BTC. No other pairs. Even after the fork to Luna and Luna Classic (LUNC), they did not change it.

Binance know Terra has huge communities and has big trading volume. When they relist, they only allow their users to trade with BUSD. That is a story months ago but a good signal for their strategic change we saw recently.

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I think this is all about competition in the Crypto market. Any rival stable coin would definitely want to dominate the market and Binance being one of the largest Exchange wants to use it as an advantage to create a more favourable environment for its stable coin (BUSD). By stopping the trading pairs of USDC and USDP, Binance users will definitely have BUSD as an alternative there by making BUSD more popular in the Crypto market.

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Quote from: AnonBitCoiner on September 07, 2022, 08:14:53 AM

This is very bad action Binance taken. This will have the down the faith of people on Binance. Binance want to move their stable coin to top 1 and they are all doing for this. Personally I like usdc and want to hold then any other coin. Busd is not bad stable coin but they should make a DAO for this.

You still have a choice, although it is much less than before. There are still USDT trading pairs in Binance, which is the most popular stablecoin and has the largest offer on the market. So traders faith in Binance will remain unshakable, but trust in BUSD should increase.

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I have already Heard a rumour about the reason behind the destruction of Luna and UST. Actually now I'm confused as to what is going to be the cause for doing this . It can be also a cause that to make more good market of their BUSD . I think this is not good news for USDC and their holders. For this they will definitely loose a huge market and I also think that every usdc stable coin holder to watch eye on it.

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Quote from: rhomelmabini on September 06, 2022, 02:28:54 PM

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.

It's their exchange so Binance can do things they want and if they can take advantage of it, they should do that.

Nobody can require Binance to maintain other stable coins on their exchange if it will create more competitiveness against Binance BUSD. They don't want it and they have rights to do it, so it must happen.

So far people only discussed about Binance but they forgot to discuss that many other exchanges intentionally ignore BUSD for trading pairs on their exchanges. It has happened many months and if it is intentionally fighting against Binance (that I believe it is), it's fair enough for Binance to do the same fighting.

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Quote from: Serpens66 on September 05, 2022, 02:38:06 PM

It is great news, because it means more liquidity.

It's terrible news!
We have the largest exchange that claims to be all about decentralization and freedom and about the trust of users purposely sabotaging a competitor here. I can't believe that on this forum there would be a person clapping for this when it's a copy-paste move on how Microsoft wanted to kill Netscape not can I believe there are people defending this exchange when all that it has done to date has been lying its customers and even trying to hurt bitcoin by imposing fees 10x higher on the bitcoin chain that on their shitcoin.

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Quote from: AnonBitCoiner on September 07, 2022, 08:14:53 AM

This is very bad action Binance taken. This will have the down the faith of people on Binance. Binance want to move their stable coin to top 1 and they are all doing for this. Personally I like usdc and want to hold then any other coin. Busd is not bad stable coin but they should make a DAO for this.

At first there's no surprise that many would disagree or dislike this announcement especially to those people owned that assets but people will just forget about this and convert to use BUSD instead of other stable alts. Binance is just maximizing the usage of their BUSD in there exchange so for them this is a good move because they can assure that they will not get dominated by other alts which been listed on their exchange.

AnonBitCoiner

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This is very bad action Binance taken. This will have the down the faith of people on Binance. Binance want to move their stable coin to top 1 and they are all doing for this. Personally I like usdc and want to hold then any other coin. Busd is not bad stable coin but they should make a DAO for this.

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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,

This action of Binance will certainly be opposed by many people, but it is not unusual for them to prioritize their own children. The battle for stablecoins is becoming more and more fierce as the majority of the market is held by USDT and USDC, BUSD is only ranked 3rd with a total market capitalization of more than 18 billion USD, a relatively low number compared to the other 2 stablecoins.

They still haven't dared to get rid of USDT as it is still the most influential stablecoin in the market, its removal from Binance will definitely happen but not now. I think Binance will have a bit of trouble with this decision, in addition to the objections of users, they will have trouble with the issue of monopoly, abuse of power.

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Quote from: jrrsparkles on September 07, 2022, 04:53:55 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, 04:07:30 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.

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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.

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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.

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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.

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.

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Quote from: kamvreto on September 06, 2022, 08:41:30 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.

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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.

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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.

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.

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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.

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Quote from: Franctoshi on September 06, 2022, 07:50:23 AM

Quote from: Strongkored on September 06, 2022, 02:16:55 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.

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Quote from: Strongkored on September 06, 2022, 02:16:55 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.

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

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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.

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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,

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.

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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

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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.

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.

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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.

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

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

It is another strategy of Binance to shill their BUSD and enforce their users to use BUSD more.

Months ago, in 2020 when Ethereum network has very high transaction fee up to $200 per transaction or higher, people switched to use Tether USD on TRC20. Back in those days, Binance provided 0 transaction fee for USDT TRC20. Months later, when they started to shill BUSD, they stop free withdrawal fee for USDT TRC20 and if users want to have 0 transaction fee, please use BUSD.

This time, Binance again applies this strategy and I am sure they will get another success. When you are on home of others, you can not ask for completely fairness and fair competition.

Quote from: DaveF on September 05, 2022, 09:47:03 PM

I can see other exchanges doing this. Allow deposit and withdraw of any of the big name stablecoins but only trade on 1.

Do you really need BTC/USDC and BTC/USDT and BTC /BUSD? And then every other altcoin/ 3 stablecoins?

All come in -> converted to one -> choose your outcoin.

DaveF has a point too. Personally it is unnecessary to have multiple trading pairs for one coin. I think only two trading pairs are enough, one with Bitcoin and another with one stable coin. Assume you trade BTC to BUSD, but don't want to store your money in BUSD, you can convert your BUSD to your favorite stable coin. It costs you a bit more trading fee or conversion fee. It gives more income to exchanges and reduce their maintenance, security costs.

DaveF

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I can see other exchanges doing this. Allow deposit and withdraw of any of the big name stablecoins but only trade on 1.

Do you really need BTC/USDC and BTC/USDT and BTC /BUSD? And then every other altcoin/ 3 stablecoins?

All come in -> converted to one -> choose your outcoin.

I'm sure it's going to allow for more shenanigans on the back end, but wait for it....not your keys, not your coins. If you leave it on the exchange and shenanigans do happen, that's on you.

-Dave

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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.

It's not a sector they've done that well in so far though either. BUSD has around 15bn coins while usdc and usdt were over 50bn last time I checked (for each).

I guess this might be a good thing for stablecoins if it means that the spreads are low enough and they're stable enough between each other that a 1:1 conversion can be offered. But at the same time it makes busd look a bit risky (imo) that it could be collateralised by two other entities and not binance themselves.

monineklutak

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anyway this is very bad news, because USDC is not a very bad stable coin,
of course I am still confused as to why Binance decided to remove USDC from their market,
I did not find any information regarding USDC, does anyone know? tell me

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Probably the CEO think about that why not their BUSD becomes dominated not the USDT which is already dominated by all stablecoins in the market.
It's clear that it's all about their stablecoin wanting to become dominant in their market and why not?

But at least not delisting on the exchange, though I like his plan to merge all liquidity into one pair which is BUSD.
It's all about business in the end and we know CZ, everything he will do to maintain the rank of his exchnage and also popularity of his stablecoin.
I would do the same if I'm CZ's place. Cheesy

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

If Binance has taken this decision for an internal matter considering the security of users, then this decision is fine. And if Binance is thinking of killing a competitor to favor their own stablecoin, that's a terrible decision. Such a decision is not good news for the crypto community.

Binance wants to completely dominate the crypto market with their BNB, BUSD. This does not good for the crypto community. If Binance moves aggressively like this, we may see more in the coming days. Which will make the crypto community wonder if it is right to make someone so powerful.

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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.

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I guess it's all about removing the competitor on their own platform. And this could also lead to other exchanges who's got their own stable coins to remove the competition that they have.
Binance is no doubt big these days and they can really predict the market on what shall be done next as the trend goes on. So, it is not going to be a surprise if the other exchanges create the same removal of other stable coins and make it not tradable.

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

Well It's their own coins and it's part of their business to make their coin most used by the traders even if it means removing the competitors. There are many users of these stable coins who will be affected by this and those who are having those stable coins who leave their assets unchecked will be forced to have BUSD. Though I'm thinking why did Binance remove these stable coins? Are they moving aggressively?

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Quote from: Serpens66 on September 05, 2022, 02:38:06 PM

It is great news, because it means more liquidity.
And you can still deposit and withdraw USDC and use it for trading.
It has no disadvantage, besides that people might now know that USDC is accepted and 1:1 converted to BUSD and back.

https://www.binance.com/en/support/announcement/e62f703604a94538a1f1bc803b2d579f
https://www.binance.com/en/support/faq/7a2571c63d97459ab4e44a8dd01cf7e8

More liquidity for what? Why not do it for USDT? Why BUSD that is developed by Binance. I can see USDC and TUSD to be successfully traded on some exchanges that I have used before, like HitBTC before I left the exchange. On OKX, USDC is the alternative pair after USDT.

Recently I moved all my USDT from OKX temporary, when I login to the exchange, it popped up USDC to be as a suggestion for trading pair as I had no USDC there again, this is usual if I moved all my USDC from OKX. Successfully, USDC has been a successful trading pair on many exchanges.

Only the one I do not know much about is USDP.

Binance is looking for all means to strengthen BUSD and nothing more than that. I can see lately on Binance that their is now BTC and some other coins paired with BUSD in perpetual market with reduction in fee deduction. But if Binance is trying to strengthen BUSD, it should not be in a way to affect other stable coins to grow.

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

They are all competitors, that's how they will work if the objective is to make people use their stablecoin. Nothing wrong with BUSD when after all you are trading in Binance. Maybe USDT will also be removed if this is a mandate from the regulators for it is easier to track traders' transactions. Every exchange I think should just have a stablecoin of thier own.

Serpens66

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It is great news, because it means more liquidity.
And you can still deposit and withdraw USDC and use it for trading.
It has no disadvantage, besides that people might now know that USDC is accepted and 1:1 converted to BUSD and back.

https://www.binance.com/en/support/announcement/e62f703604a94538a1f1bc803b2d579f
https://www.binance.com/en/support/faq/7a2571c63d97459ab4e44a8dd01cf7e8

_act_

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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,

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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.

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