The move is a land grab for Binance, which is using its weight to boost Binance USD, the third-largest stablecoin in circulation, to the detriment of its larger peers.
it will automatically convert customers' dollar-pegged stablecoins like USDC, Paxos' paxdollar and trueUSD into Binance USD , effectively delisting competing coins on the exchange.: In effect the fiat-backed stablecoin market is a three-horse race, with market share almost evenly split between Tether and now Binance/Circle, per data compiled byBinance's forced conversion of customer assets consolidates power in the ranks, with BUSD and USDC combined market capitalizations of $71.
But deposits and withdrawals can still be made in those other stablecoins, which means Binance has effectively made those stablecoins: "This conversion is already an accepted practice in the industry and has proven to be in the interest of users above all," Patrick Hillman, chief communication officer of Binance, said in an emailed statement to Axios.
He added: "This move was discussed and agreed upon with Circle/USDC and other third parties before making this decision."
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