Binance has begun a broad phased exit from Pax Dollar (USDP).
First major deadline: margin
At 06:00 UTC on September 11, Binance Margin removes USDP from relevant margin products.
Binance says it will:
- close user positions;
- conduct automatic settlement;
- cancel pending orders.
Borrowing already stopped
USDP margin borrowing was scheduled to stop at 08:00 UTC on September 10.
Buy & Sell also ends today
Binance Buy & Sell support for USDP ends at 03:00 UTC on September 11.
Spot trading continues until September 24
The main spot delisting occurs on September 24 at 03:00 UTC.
Other product deadlines
The phased exit also includes:
- Spot Copy Trading: September 17;
- Pay: September 16;
- low-value conversion: September 23;
- Convert: September 24;
- spot market: September 24.
Why this matters for a stablecoin
USDP is a regulated fiat-backed stablecoin.
A major venue removing a stablecoin across multiple product lines affects venue liquidity, market access, collateral utility and user conversion behavior.
Binance did not state that USDP is insolvent or depegged.
Evidence Status
Confirmed by Binance
- USDP phased delisting.
- Margin settlement Sep. 11 06:00 UTC.
- Buy & Sell ends Sep. 11 03:00 UTC.
- Spot trading ends Sep. 24 03:00 UTC.
- Additional product exits occur on separate dates.
Not established
- USDP insolvency.
- USDP reserve failure.
- USDP depeg.
- One specific reason for delisting.
Risk Assessment
High market-access / execution risk, not a confirmed stablecoin solvency event.
What to Watch Next
Margin settlement, spot-copy forced sales, USDP liquidity across venues, Binance withdrawal schedule and Paxos statements.
FAQ
Is USDP spot trading ending today?
No.
What happens today?
Margin forced settlement and Buy & Sell removal.
When does spot trading end?
September 24 at 03:00 UTC.
Is USDP depegged?
The Binance notice does not establish a depeg.
Is Paxos insolvent?
The notice does not establish that.
Why is this High?
Because Binance is removing USDP across multiple product and collateral pathways.