Binance plans to convert over a dozen tokens into USDC stablecoins as well as delist six more tokens as part of its latest platform tweaks.
Cryptocurrency exchange Binance is looking to simplify trading pairs and will convert several tokens on its platform to USDC based on users' wallet holdings.
The exchange announced in a blog post on Aug. 12 that it would convert 15 tokens, including privacy-focused Monero (XMR) and Bitcoin Gold (BTG), into Circle's stablecoin USD Coin (USDC). Binance did not disclose the reasons for the move but noted that users will be able to withdraw their tokens until 23:59 UTC on Sept. 1.
The conversion will be carried out based on the “average token-to-USDC exchange rate” from 00:00 (UTC) on September 2 to 23:59 (UTC) on October 1. The exchange noted that deposits of the above tokens “will no longer be supported and will not be credited to users' accounts.” Following the announcement, Monero's price showed minimal movement, falling 0.52%, according to data from crypto.news.
Binance Delists New Tokens
In addition to this shift, Binance also revealed that it plans to delist six additional tokens, including Loom Network (LOOM) and VGX Token (VGX), effective August 26. The decision was driven by factors including project team efforts, development quality, trading volume, network stability, and regulatory compliance. Following the news, LOOM fell by over 12%, while VGX suffered an even deeper decline, dropping in value by over 25%.
The move marks another step in Binance's evolving relationship with USDC, following a decision two years ago to centralize liquidity by removing a basket of stablecoins, including USDC, from its trading pairs. However, in response to regulatory developments such as the EU's Markets in Cryptocurrencies (also known as MiCA) framework, Binance reintroduced the USDC trading pair and also converted assets in its $1 billion user-facing Secure Assets Fund into USDC.
