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Binance Plans to Stop Supporting USDC And to Auto-Convert Several Stablecoins to BUSD

Daily Market Wrap

  • Crypto market cap: 0.98 trillion, up 0.69%

  • BTC price stands at USD 19,803, down 0.27%

  • ETH price stands at USD 1,639, up 4.12%

  • Top gainer: Ethereum Classic (ETC), up 23.20%

  • Top loser: Helium (HNT), down 8.54%

News of the Day

Why it matters:

  • Cryptocurrency exchange giant Binance announced today that it would begin auto-converting existing and new deposits of USDC, USDP, and TUSD stablecoins into its native BUSD

  • According to CoinMarketCap, USDC is the second largest by market cap at $51 billion. This move is considered effectively delisting three rival stablecoins

  • “This will not affect users’ choice of withdrawal: users will continue to be able to withdraw funds in USDC, USDP, and TUSD at a 1:1 ratio to their BUSD denominated account balance,” Binance said in a support post, adding that the change is set to take effect on September 29, 2022

Crypto Daily Spotlight

Brief introduction: Ethereum Classic (ETC) is a cryptocurrency that launched in 2016 as a hard fork from Ethereum (ETH). The Ethereum Classic blockchain, like the Ethereum network, is capable of supporting smart contracts and decentralized apps and maintains its own Ethereum Classic tokens.

Why it matters:

  • Ethereum Classic’s hashrate surpassed the 40 terahash per second (TH/s). the network’s hash power reached an all-time high (ATH) at 48.82 TH/s on September 4

  • Over the past month, Ethereum Classic’s hashrate has increased by 62.04%, from 30.08 TH/s on August 6 to its all-time high. Usually, the higher the metric, the safer the blockchain, as high hash rates require immensely high computational power to compromise the network via a 51% attack

  • The Merge is expected to happen in just over seven days from now and it is likely larger waves of hashrate will move from ETH to ETC

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