WazirX has announced that it will remove USD Coin (USDC) from its platform. The exchange has stopped deposits of USDC and will implement BUSD auto-conversion for user balances of USDC, Pax Dollar (USDP) and TrueUSD (TUSD) stablecoins on October 5th. The exchange will auto-convert stablecoin balances to BUSD. of 1:1. Stablecoins will be supported on September 23, 2022 at 5 PM IST. The exchange will delist USDC, USDP and TUSD spot market pairs on 26 September 2022 at 07:30 AM IST.
Accordingly to announce, “users will be able to view their USDC, USDP and TUSD balances in BUSD-nominated accounts once the conversion is complete” and WazirX will be able to modify the list of stablecoins eligible for auto-conversion. The move is to increase liquidity and capital efficiency for users.
“WazirX has stopped deposits of USDC, USDP, and TUSD and we will not support any new deposits. To increase liquidity and capital efficiency for users, WazirX will apply BUSD auto-conversion for users’ existing balances of USDC, USDP, and TUSD at a 1:1 ratio. stablecoins,” the announcement reads in part.
CoinGecko data It suggests that WazirX is trading the least amount of USDC in the USDC/USDT pair for the stablecoin with a daily trading volume of $3,400 (Rs. 2.71 lakh approx). BUSD has two trading pairs on its platform, it trades around $5,700 (approx. Rs. 4.54 lakh) per day against USDT and around $5,200 (approx. Rs. 4.14 lakh) per day in Indian Rupee.
The delisting comes two weeks after global crypto exchange Binance announced plans to remove USDC from being a tradable asset on its platform. Binance has also announced that it will auto-convert its users’ USDC, USDP and TUSD balances to the BUSD stablecoin for liquidity purposes.
WazirX was recently in the news for having its accounts frozen as part of a money laundering probe by Indian authorities. This incident prompted Binance to deny any equity ownership in Binance even though there was a 2019 announcement that indicated otherwise.