Binance announced the conversion of specific altcoins into USDC, aiming to enhance liquidity on the platform.

Which Altcoins Were Converted?

Between April 21, 2024, and October 15, 2024, Binance converted altcoins such as MDA, HNT, MITH, YFII, MIR, VRT, TCT, REP, EZ, SWRV, BOBA, SRM, RDN, CBK, and ONX into USDC. For example, YFII was converted to 323.95 USDC, while REP equated to 1.0023 USDC.

How to Check USDC Balances After Conversion?

The converted altcoins were directly reflected in users' Binance accounts. The exchange advised users to verify their USDC balances through the 'Distribution' tab in their wallets. Additionally, users can find these distributions under 'Wallet > Transaction History > Distribution.'

Purpose and Impact of Binance's Conversion

The conversion initiative aims to enhance the liquidity of low-volume altcoins. This move has been positively received by users, as it simplifies asset management by converting to USDC.

The conversion of altcoins to USDC on Binance has improved liquidity and provided users with more convenient financial interactions on the platform.