The move aims to improve capital liquidity and efficiency for users, the company said in a statement.
Binance said it will remove and cease all trading on spot pairs that include USDC, USDP, and TUSD; she will begin the conversion on September 29.
USDC, which is primarily operated by Circle Internet Financial and is the second largest stablecoin, has a market capitalization of nearly $51.9 billion. Binance’s stablecoin, BUSD, is worth around $19.4 billion, according to crypto data provider CoinGecko.
Affected USDC products include savings accounts, DeFi staking subscriptions, and cryptocurrency loans, which will be closed and liquidated on September 23.