USDC Panic! Binance Enables Trading Pairs with Stablecoin TUSD, Disables Automatic Conversion to BUSD

Table of Contents

Launching TUSD Stablecoin Trading Pairs

The cryptocurrency exchange Binance announced that it will launch multiple stablecoin TUSD trading pairs on March 11, 2023, at 10:00 PM GMT+8:

BNB/TUSD, BTC/TUSD, ETH/TUSD, TUSD/USDT, USDC/USDT, USDP/USDT

They also offer a fee discount:

Discontinuing Automatic Conversion of BUSD

The cryptocurrency exchange Binance stated that due to risk management, automatic conversions of USDC, USDP, and TUSD to BUSD have been stopped at 7:30, 10:35, and 14:00 on March 11. The automatic conversion measure started last September, and Binance now only keeps USDT and BUSD as the main stablecoin trading pairs, automatically converting other stablecoins deposited into BUSD.

Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion.

This is a normal risk-management procedural step to take while we monitor the situation.

— Binance (@binance) March 11, 2023