Binance will end all USDP spot trading on Sept. 24 and stop crediting deposits on Sept. 25, with margin collateral removed Sept. 16 and withdrawals closing Nov. 24. The delisting strips Pax Dollar of its deepest order book, pushing holders toward USDT and USDC.
Binance will stop crediting Pax Dollar deposits after 03:00 UTC on Sept. 25, one day after it removes every USDP spot pair, ending the largest on-exchange market for the Paxos-issued stablecoin and forcing holders onto a four-step exit calendar that closes with a Nov. 24 withdrawal cutoff.
The exchange said the delisting follows its most recent reviews of listed assets. "All trade orders will be automatically removed after trading ceases in each respective trading pair," Binance said in the Sept. 10 notice, adding that users should cancel trading bots before the halt to avoid losses.
The schedule is staggered by product. Binance Pay drops USDP on Sept. 16 at 03:00 UTC, the same day margin borrowings are suspended at 06:00 UTC and cross, isolated and portfolio margin pairs are removed at 10:00 UTC. Spot copy trading delists the pairs on Sept. 17, Convert Low-Value Assets on Sept. 23, and Binance Convert on Sept. 24 at 02:00 UTC — an hour before spot trading ends at 03:00 UTC. Deposits stop being credited on Sept. 25, withdrawals close on Nov. 24, and any residual balance may be converted into stablecoins on the user's behalf from Nov. 25.
For holders, the practical window is narrower than the calendar suggests. Margin collateral stops counting on Sept. 16, so leveraged positions backed by USDP must be settled or swapped before that date; after the spot halt, the only remaining route off the platform is a withdrawal to a self-custody wallet or another venue that still lists the token.
That second route is thin. USDP's supply sits near $100 million, a fraction of the roughly $170 billion in USDT and $60 billion-plus in USDC tracked by DefiLlama, and Binance has been the token's deepest order book. Removing it leaves Paxos's own redemption channel and a handful of smaller venues as the main conversion points, which is where spreads are most likely to widen as holders work through the same deadline.
The read-through extends past USDP. Binance has spent the past two years pruning low-float and low-volume listings, and market participants are treating the Pax Dollar decision as another step in that rationalization rather than a judgment on Paxos specifically. Paxos also issues PayPal USD and previously minted Binance USD, the stablecoin that New York's Department of Financial Services ordered wound down in 2023 — a precedent that makes any Paxos-linked delisting headline-sensitive.
The comparison that matters for flow is where the money lands. USDT and USDC are the only stablecoins with the depth to absorb a forced migration at scale, and both are already the default quote assets on Binance spot. Displaced USDP balances converting at market will therefore add marginally to their supply rather than create a new competitor, reinforcing a stablecoin market that is consolidating around two issuers.
Paxos has not disclosed a redemption fee change or a new listing venue for USDP. The next hard checkpoint is Sept. 16, when margin collateral stops counting and Binance Pay goes dark — the first date on which USDP holders lose functionality rather than liquidity.
This article is for informational purposes only and does not constitute investment advice.
