The cryptocurrency exchange Binance announced the conversion of certain altcoin balances into USD Coin (USDC). This process took place between April 21, 2024, and October 15, 2024, and involved the transformation of various altcoins held in user wallets. Binance clarified that the conversion was executed based on the current balance in user wallets at the time of the transaction.
Which Altcoins Were Converted?
Binance reported that during this period, 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 instance, the YFII altcoin converted to 323.95 USDC, while REP equated to 1.0023 USDC.
Other altcoins underwent smaller conversions. These transactions were based on a snapshot taken at 03:00 UTC on April 21, 2024, from Binance wallets.
How to Check USDC Balances After Conversion?
The converted altcoins were directly reflected in users’ Binance accounts. The cryptocurrency exchange advised users to verify their USDC balances through the “Distribution” tab in their wallets. Additionally, Binance users were reminded that they could check these distributions under “Wallet > Transaction History > Distribution.”
Binance’s conversion initiative aims to enhance the liquidity of low-volume altcoins by converting them into USDC. This move has been positively received by users of the cryptocurrency exchange.
