Silicon Valley Bank Panic, Business is Here! Binance Will Open USDT/USDC Trading Pair in Five Hours

After closing the USDC trading pair last September, Binance faced the dilemma of BUSD issuance suspension this year; on the 11th, in response to the USDC situation, it has stopped automatically converting incoming USDC into BUSD and will open the stablecoin TUSD trading pair on the same day.

USDC Panic! Business is Here: USDT/USDC Trading Pair Opens

The countdown has quietly started on Binance for the USDT/USDC trading pair, showing that the trading pair will be available in five hours at the time of writing.

It is expected to attract a large number of USDC traders, providing a trading venue for arbitrageurs and risk-averse users.

USDC is currently trading at around $0.93 due to $3.3 billion still being held at Silicon Valley Bank, which is under FDIC receivership and expected to resume operations next Monday. This severe dislocation of USDC has caused panic and arbitrage interest among traders.

Circle confirms $3.3 billion stuck in Silicon Valley Bank, awaiting FDIC assistance