What is Binance USD?

Sept 6 (Reuters) - Binance, the world's largest crypto exchange, said on Monday it will automatically convert user balances and new deposits of the stablecoins USD Coin, Pax Dollar and True USD into its own stablecoin, Binance USD. The move is intended to enhance liquidity and capital efficiency for users, Binance said in a statement.

Is Binance converting USD coins into a stablecoin?

REUTERS/Dado Ruvic/Illustration/File Photo Sept 6 (Reuters) - Binance, the world's largest crypto exchange, said on Monday it will automatically convert user balances and new deposits of the stablecoins USD Coin, Pax Dollar and True USD into its own stablecoin, Binance USD.

How did Binance transfer $1 billion in USDC tokens to Cumberland?

On August 17, Binance processed the transfer of $1 billion in USDC tokens to Cumberland by emptying $1.78 billion in USDC tokens from the peg wallet. In quick succession, Binance forwarded the USDC tokens to the Binance 8 wallet, and from there sent the entire sum to the Binance 14 hot wallet.

Does Binance pay support auto-conversion of USDC?

Note: This announcement was last updated on 2022-09-06 to clarify users can only convert USDC, USDP and TUSD to BUSD at 1:1 ratio during the given time period, Binance Pay will support the auto-conversion, and that Futures will cease supporting new deposits of USDC as margin at the stated timeline.