Binance is set to convert over a dozen tokens into the USDC stablecoin while also delisting six additional tokens as part of its latest platform adjustments.

Cryptocurrency exchange Binance is preparing to convert multiple tokens on its platform to USDC based on users’ holdings in their wallets. This move aims to simplify trading pairs.

In an August 12 notice, the exchange announced it will convert 15 tokens, including privacy-oriented Monero (XMR) and Bitcoin Gold (BTG), into Circle’s stablecoin USD Coin (USDC). Although Binance did not specify the reason behind this move, it noted that users can still withdraw these tokens before September 1, 23:59 (UTC).

The conversion will be based on the “average token to USDC exchange rate” between September 2, 00:00 (UTC) and October 1, 23:59 (UTC). Binance stated that deposits of any of the mentioned tokens “are no longer supported, and will not be credited to users’ accounts.” Following the announcement, Monero’s price showed minimal movement, dropping 0.52%.

Binance Delists New Tokens

In addition to the conversion, Binance disclosed plans to delist six additional tokens, including Loom Network (LOOM) and VGX Token (VGX), starting August 26. The decision was attributed to factors such as project team commitment, development quality, trading volume, network stability, and regulatory compliance. Amid the news, LOOM dropped by over 12%, while VGX saw a more severe decline, losing more than 25% of its value.

This move marks another step in Binance’s evolving relationship with USDC. Two years ago, Binance decided to concentrate liquidity by removing a basket of stablecoins, including USDC, from its trading pairs. However, in response to regulatory developments like the EU’s Markets in Crypto-Assets (MiCA) framework, Binance reintroduced USDC trading pairs and even converted the assets in its billion-dollar Secure Asset Fund for Users into USDC.

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