Binance To Auto-Convert USDC to BUSD, LG Partners With Hedera, US Congressman Brad Sherman On Crypto

Written by Crypto University

September 6, 2022

Binance To Auto-Convert USDC to BUSD

Binance, the largest cryptocurrency exchange, announced that it is automatically converting USDC, USDP, and TUSD balances into Binance stablecoin (BUSD) this Monday. The cryptocurrency exchange claims that the move is to enhance liquidity and capital efficiency for users. Binance encourages users to convert their USDC into BUSD at a 1:1 ratio.

“With effect from 2022-09-29 03:00 (UTC), users will trade with a consolidated BUSD balance on the Binance Platform that reflects their balances of these four stablecoins (BUSD, USDC, USDP, and TUSD) post-conversion. 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,” announced Binance in a statement. 

Binance will withdraw and suspend trading on the USDC, USDP, and TUSD spot trading pairs on September 29, 2022. (UTC). Users can see their USDC, USDP, and TUSD balances under the BUSD-denominated account balance when the conversion is complete. Binance will erase all pending trade orders after trading in each trading pair has ceased. The assets can then be traded in the corresponding BUSD trading pairs by users.

LG Partners With Hedera

LG, an electronics manufacturing company, is partnering with Hedera to launch NFTs on television screens. The consumer electronics giant, which has been a member of The Hedera Governing Council since 2020, is bringing NFTs to TV displays via a platform created on the Hedera network.

“We look forward to collaborating with LG and their ecosystem to explore the many potential ways that distributed ledger technology can similarly be applied to benefit their customer base,” said Mance Harmon, CEO, and Co-founder of Hedera Hashgraph.

LG will launch its NFTs through LG Art Lab, a Hedara-enabled NFT marketplace. LG, is launching LG Art Lab, a non-fungible token (NFT) marketplace that connects to the Hedera Network, which LG supports. Television owners who have upgraded to the latest LG firmware can purchase, sell, and display their Hedera NFTs.

US Congressman Brad Sherman On Crypto

Brad Sherman, a United States congressman and a known cryptocurrency skeptic, said the cryptocurrency sector has developed over the years. He added that the high donations paid to politicians make it impossible for them to impose a blanket ban.

“We didn’t ban it at the beginning because we didn’t realize it was important, and we didn’t ban it now because there’s money and power behind it,” Sherman explained during an interview with the LA Times. 

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