Most people in the crypto space are familiar with Tether ($USDT.X), but USD Coin ($USD.X) has made some big moves – off and on exchanges, that is.
Earlier this month, Binance ($BNB.X) announced they would begin auto-converting USD Coin, Pax Dollar, and True USD by September 29. The reason for this conversion is to enhance liquidity and reduce the number of trading pairs. The new stablecoin from Binance will be BUSD.
India’s largest cryptocurrency exchange, WazirX, followed Binance’s lead and will begin delisting USDC and instead use the new Binance stablecoin. Conversions will be at a 1:1 ratio.
While two major cryptocurrency exchanges have essentially removed UDSC, Robinhood ($HOOD) added it to their platform. Announced just yesterday, USDC is the first stablecoin listed on their platform.
Also interesting to note: Since March 2021, Visa ($V) allows the use of USDC to settle transactions on its network.