Leading crypto exchange Binance revealed stopping support for the second largest stablecoin USDC.
According to a press release, the platform will exchange users' holdings to its Binance USD in an automated way. Binance will no longer offer USDC Savings and DeFi Staking options, and all USDC subscriptions will get redeemed and transferred into users' wallets.
In addition, the exchange will convert all its investments in Pax Dollar (USDP), and TrueUSD (TUSD) on Sept. 29. However, withdrawals in the mentioned stablecoins will be possible.
The Binance team says the aim of Auto-Conversion is to improve liquidity and capital-efficiency. Developed by Circle, USDC now has a market cap of over $51 bln. Binance's BUSD comes third with a market cap of over $19 bln.