Who Benefits From Binance Converting USDC to Its Own Stablecoin?

Circle to Support Polygon USDC on Payments Platform as Adoption Grows

Gaevoy’s, and perhaps Binance’s, argument is that this cuts out steps for USDC users who want to trade on Binance. People can still issue USDC as before, deposit it on Binance, do what they want to do and withdraw in USDC. Notably, exchange FTX has had automatic conversion of USDC, which has benefited market makers, he added.

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