Binance Temporarily Closes BUSD Automatic Conversion Function Due to High USDC Output

03/11/2023 00:10 • Tech Ticker • 161 views

On March 11, according to the Binance platform, the USDC automatic conversion BUSD function has been temporarily closed. According to the asset certificate of Binance platform, the USDC capital output of Binance platform exceeds 3.5 billion dollars.

The USDC automatic conversion BUSD function of the Binance platform has been temporarily turned off

Analysis based on this information:

Recently, Binance, one of the largest cryptocurrency exchanges in the world, stopped the BUSD automatic conversion function, as stated in its platform on March 11. BUSD is a stablecoin backed by the US dollar, and the USDC is also another stablecoin of the same kind. However, the USDC output from Binance has been high, exceeding 3.5 billion dollars, resulting in the temporary shutdown of the BUSD feature on the platform.

The USDC, similar to BUSD, has also been gaining considerable traction in the market, acting as the primary currency for several platforms, including Binance. In the rapidly changing world of cryptocurrencies, stablecoins have secured their place by offering a reliable and stable form of digital assets. BUSD and USDC, being the top-traded stablecoin pairs, deserve attention from all crypto investors as they represent a safe way to trade without worrying about constantly fluctuating prices of assets.

Binance is well-known for having one of the most extensive asset certificates in the market. These certificates fetch information about the platform’s capital output and value. As per the platform’s asset certificate, the USDC capital output from Binance crosses $3.5 billion. The certificate, being reliable evidence of the stablecoin’s surpassing limits on the platform, is one reason for the BUSD automatic conversion function’s temporary closure.

It’s interesting to note that the BUSD, even though backed by the US dollar, has not been as popular as the USDT over the past year. Tether (USDT) is another stablecoin that, despite having its share of controversies in the past, has been widely adopted by crypto enthusiasts. However, it is too soon to predict whether USDC will overtake or even come close to the user base of USDT or any other stablecoin available in the market.

To wrap up, the temporary closure of the BUSD automatic conversion function has created a stir among the crypto enthusiasts, especially Binance users. The move stirs the interest of many experts as they speculate on the possible reasons behind this sudden action. While the decision may negatively affect the Binance platform, cryptocurrency investors must understand that such actions are essential to ensure the security and reliability of the platform, which ultimately benefits all users.

In conclusion, the USDC capital output on Binance is critical for the stability of the platform, and with such extensive research, investors can make informed decisions on their crypto investments.

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