The issuer of the world's third-largest stable coin said on Monday it will convert customers' holdings in three rival stable coins into its own stable coin.
Spot, future, and margin trading will no longer be available on the world's largestcryptocurrencies exchange.
Users will still be able to withdraw funds from their accounts at a 3:1 ratio to their BUSD account balance.
The second-largest stable coin has a market cap of over $50 billion and is issued by Circle, a $9 billion firm. The stable coin is used in transactions worth over $5 billion a day.
BUSD has a market cap of $19 billion. The news caused its daily volume trades to jump over 50%.
Circle didn't reply to a request for comment.
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