Binance will effectively cease to support USD Coin, a stablecoin that plays a key role in the global digital asset market, in favour of its own token pegged to the US dollar. The competition over a critical element of crypto just got hotter.

By far the world’s largest cryptocurrency exchange, Binance said on 5 September that as of the end of September it will automatically convert customer balances in a number of stablecoins as well as new deposits into its own Binance USD token.