Cryptocurrency exchange Binance has announced the conversion of some altcoin balances into USD Coin (USDC). The process will run from April 21, 2024 to October 15, 2024, and will involve converting various altcoins held in usersâ wallets. Binance has clarified that the conversion will be made based on the current balance in the userâs wallet at the time of the transaction.
Which Altcoins have been converted?
Binance reported that during this time, altcoins including MDA, HNT, MITH, YFII, MIR, VRT, TCT, REP, EZ, SWRV, BOBA, SRM, RDN, CBK, and ONX were converted into the second-largest stablecoin, USDC. For example, altcoin YFII was converted into 323.95 USDC, while REP was equivalent to 1.0023 USDC.
Other altcoins have seen smaller transfers. These transactions are based on a snapshot taken at 03:00 UTC on April 21, 2024, from a Binance wallet.
How to check USDC balance after conversion?
The converted altcoins are reflected directly to usersâ Binance accounts. The cryptocurrency exchange advises users to verify their USDC balances via the âDistributionsâ tab in their wallets. Additionally, Binance users are reminded that they can check these distributions in âWallet > Transaction History > Distributions.â
Binanceâs migration initiative aims to increase liquidity of low-volume altcoins by converting them into USDC. The move has been well received by users of the cryptocurrency exchange.