Leading Indian crypto exchange WazirX to delist stablecoins USD Coin (USDC), Pax Dollar (USDP), and TrueUSD (TUSD) spot market pairs at 07:30 AM IST on 26th September 2022.
According to the blog post, “to enhance liquidity and capital efficiency for users, WazirX will implement BUSD Auto-Conversion for users’ existing balances of USDC, USDP, and TUSD stablecoins at a 1:1 ratio.”
The announcement notes that WazirX no longer accepts USDC, USDP, or TUSD deposits and won’t support any new deposits either.
The crypto exchange stated that support withdrawals of USDC, USDP, and TUSD are up until 5 PM IST on September 23, 2022.
After delisting, any USDC, USDP, or TUSD balances in user accounts will be automatically converted to BUSD. By October 5th, auto-conversion will have been accomplished.
Users will be able to withdraw USDC, USDP, or TUSD from their BUSD accounts at a 1:1 ratio after the Auto-Conversion is completed.
The list of stablecoins suitable for auto-conversion may be “amended” by WazirX. When the conversion is finished, users will be able to see their USDC, USDP, and TUSD balances under the BUSD-denominated account balance.
This move by WazirX comes after Binance decided to convert USDC, TUSD, and USDP into BUSD tokens. Binance noted that a minimum of 1 USDC, USDP, or TUSD is required for manual conversion, which will be initiated from September 26.
Binance and WazirX hit the headlines last month when Binance CEO CZ revealed that the exchange doesn’t own WazirX when the latter was under regulatory scrutiny. Later, WazirX CEO Nishchal Shetty and CZ broke into a Twitter war on who is actually lying about the ownership.
A few days later, Binance announced it will cease to support off-chain transfer channels between WazirX and Binance. With this users on the WazirX platform will not be able to transfer funds to Binance using the “login with Binance” option.
