Indian exchange WazirX follows Binance in USDC delisting
Just like Binance, Indian exchange WazirX will implement automatic BUSD conversion for USDC, USDP and USDP balances. of TUSD at a ratio of 1:1 in October.
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Major Indian cryptocurrency exchange WazirX has opted to remove the USD (USDC) coin from its platform and convert remaining balances to Binance USD (BUSD) stablecoin backed by Binance.
WazirX officially announced on Monday that it has stopped USDC deposits alongside other stablecoins like Pax Dollar (USDP) and TrueUSD (TUSD).
According to the announcement, the platform will instead offer the BUSD stablecoin to improve liquidity and capital efficiency for users. WazirX will implement automatic BUSD conversion for users' existing USDC, USDP, and TUSD balances at a 1:1 ratio on October 5, the company announced.
“Users will be able to see their USDC, USDP, and TUSD balances below the BUSD-denominated account balance after the conversion is complete,” the exchange noted. “WazirX may modify the list of stablecoins eligible for automatic conversion,” the announcement added.
USDC, USDP and TUSD withdrawals will still be available on WazirX until Friday. The platform then plans to remove the stablecoins from its spot trading pairs on September 26.
According to data from CoinGecko, WazirX was trading an insignificant amount of USDC prior to the announcement. At the time of writing, the only USDC trading pair listed on WazirX is USDC against Tether (USDT) trading, with $3,400 in daily volumes.
In contrast, BUSD has two trading pairs on WazirX, against the stablecoin USDT and the Indian Rupee, with daily trading volumes standing at $5,700 and $5,200, respectively.
WazirX did not immediately respond to Cointelegraph's request for comment.
Related:
Just like Binance, Indian exchange WazirX will implement automatic BUSD conversion for USDC, USDP and USDP balances. of TUSD at a ratio of 1:1 in October.
New
Major Indian cryptocurrency exchange WazirX has opted to remove the USD (USDC) coin from its platform and convert remaining balances to Binance USD (BUSD) stablecoin backed by Binance.
WazirX officially announced on Monday that it has stopped USDC deposits alongside other stablecoins like Pax Dollar (USDP) and TrueUSD (TUSD).
According to the announcement, the platform will instead offer the BUSD stablecoin to improve liquidity and capital efficiency for users. WazirX will implement automatic BUSD conversion for users' existing USDC, USDP, and TUSD balances at a 1:1 ratio on October 5, the company announced.
“Users will be able to see their USDC, USDP, and TUSD balances below the BUSD-denominated account balance after the conversion is complete,” the exchange noted. “WazirX may modify the list of stablecoins eligible for automatic conversion,” the announcement added.
USDC, USDP and TUSD withdrawals will still be available on WazirX until Friday. The platform then plans to remove the stablecoins from its spot trading pairs on September 26.
According to data from CoinGecko, WazirX was trading an insignificant amount of USDC prior to the announcement. At the time of writing, the only USDC trading pair listed on WazirX is USDC against Tether (USDT) trading, with $3,400 in daily volumes.
In contrast, BUSD has two trading pairs on WazirX, against the stablecoin USDT and the Indian Rupee, with daily trading volumes standing at $5,700 and $5,200, respectively.
WazirX did not immediately respond to Cointelegraph's request for comment.
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