Binance said it will remove Pax Dollar, or USDP, from spot trading later this month as part of a broader wind-down across multiple products on the exchange. The company announced the plan on Sept. 10 and set 03:00 UTC on Sept. 24 as the cutoff for USDP spot trading and related order activity.
The delisting is being rolled out in stages rather than all at once. Before spot trading ends, Binance will also withdraw support for USDP across one-click buy and sell, margin lending, Pay, Pool, loans, Earn, copy trading and Dual Investment on separate dates and times.
Spot market cutoff and wallet deadlines
According to Binance, all USDP spot trading pairs will be removed at 03:00 UTC on Sept. 24, and any pending spot orders involving the token will be canceled automatically at that time.
The exchange said USDP deposits will no longer be credited after 03:00 UTC on Sept. 25. Withdrawals, however, are scheduled to remain available until 03:00 UTC on Nov. 24, giving users roughly two months after the spot market closes to move holdings off the platform.
Binance also said it may convert remaining USDP balances into another stablecoin after Nov. 25. The exchange added that such a conversion is not guaranteed and said it would not guarantee the exchange rate if the conversion takes place.
Services begin shutting down on Sept. 11 and Sept. 16
The first limits arrive on Sept. 11. At 03:00 UTC, Binance One-Click Buy and Sell will remove USDP and related pairs. Later that morning, at 06:00 UTC, the exchange will halt isolated-margin and cross-margin lending for the stablecoin.
A broader set of product changes is scheduled for Sept. 16. Binance Pay and Binance Pool will end support for USDP at 03:00 UTC that day, and the mining pool will issue final earnings settlements on Sept. 17. Binance told users to stop using the affected services before support ends.
At 07:00 UTC on Sept. 16, flexible-rate lending and VIP Loan services will also remove USDP as both a borrowing asset and a collateral asset. Binance warned that outstanding orders tied to the token could be closed and liquidated automatically under that process.
Margin, Earn and copy trading removed before delisting
USDP margin trading is due to end later on Sept. 16, at 10:00 UTC. Binance said it will cancel pending orders, settle isolated-margin positions and remove the associated trading pairs. During the settlement process, users may temporarily be unable to update the affected positions.
Additional services will close on Sept. 17. Binance Earn will remove USDP at 07:00 UTC, and any remaining flexible or fixed-term positions will be redeemed automatically. The exchange said principal and accumulated rewards will be transferred to users’ spot wallets afterward.
Spot copy trading will drop USDP pairs earlier the same day, at 03:00 UTC. Binance said outstanding assets may be sold at market prices, while assets that cannot be sold will instead be transferred to a user’s spot account.
Paxos backing and the next confirmed step
Binance is also ending support for USDP in Dual Investment. New subscriptions involving the stablecoin will no longer be available, while unsettled subscriptions are set to be redeemed early. Binance said the relevant assets and rewards should arrive in users’ spot wallets within four hours after redemption.
The exchange’s announcement does not say that USDP itself is being discontinued. In the source report, Paxos said the stablecoin remains backed by cash and cash equivalents and that one-to-one redemption for U.S. dollars remains available. Based on Binance’s schedule, the next confirmed milestone is Sept. 11, when the first trading and lending restrictions take effect.
Source: crypto.news