Binance is set to convert over a dozen tokens into the USDC stablecoin while also delisting six additional tokens as part of its latest platform adjustments.
Cryptocurrency exchange Binance plans to convert multiple tokens on its platform to USDC based on users’ holdings in their wallets to simplify trading pairs.
In an Aug. 12 blog notice, Binance announced it will convert 15 tokens, including privacy-oriented Monero (XMR) and Bitcoin Gold (BTG) into Circle’s stablecoin USD Coin (USDC). Binance did not reveal the reason, but noted users can still withdraw tokens before Sept. 1, 23:59 (UTC).
Moreover, Binance disclosed plans to delist six additional tokens, including Loom Network (LOOM) and VGX Token (VGX), starting Aug. 26. The decision was attributed to factors like project team commitment, development quality, trading volume, network stability, and regulatory compliance. Amid the news, LOOM dropped by over 12%, while VGX saw a more severe decline, losing more than 25% of its value.
This move marks another step in Binance’s evolving relationship with USDC, following a decision two years ago to concentrate liquidity by removing a basket of stablecoins, including USDC, from its trading pairs. However, in response to regulatory developments like the EU’s Markets in Crypto-Assets (MiCA) framework, Binance reintroduced USDC trading pairs and converted assets in its billion-dollar Secure Asset Fund for Users into USDC.
