Since USDC does not exist on the Binance platform and other stable currency trading pairs, Binance announced on September 5, 2022, that the user’s USDC, USDP, and TUSD stablecoin balance and new recharges will automatically convert to BUSD at a ratio of 1:1. Users can also withdraw assets denominated in BUSD at any time at a ratio of 1:1 to USDC, USDP, and TUSD. Therefore, the platform must first convert BUSD to USDC when there is a large-scale USDC withdrawal.

(By Shourya Jha)