Binance set to convert users' USD Coin into its own stablecoin

Binance set to convert users' USD Coin into its own stablecoin

FILE PHOTO: The logo of Binance is seen on their exhibition stand at the Delta Summit, Malta's official Blockchain and Digital Innovation event promoting cryptocurrency, in St Julian's, Malta October 4, 2018. REUTERS/Darrin Zammit Lupi

Binance, the world’s largest crypto exchange, said on Monday it will automatically convert user balances and new deposits of the stablecoins USD Coin, Pax Dollar and True USD into its own stablecoin, Binance USD.

The move is intended to enhance liquidity and capital efficiency for users, Binance said in a statement.

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