WazirX follows Binance in delisting USDC | The Financial Express

WazirX follows Binance in delisting USDC

Up until September 23 on WazirX, withdrawals in USDC, USDP, and TUSD will still be possible. On September 26, the company intends to remove the stablecoins from its spot trading pairings.

WazirX follows Binance in delisting USDC
The platform will instead provide customers with the BUSD stablecoin to improve liquidity and capital efficiency, according to the release

WazirX, an Indian cryptocurrency exchange, has chosen to transfer the remaining balances into the Binance-backed Binance USD (BUSD) stablecoin in place of delisting the USD Coin (USDC) from its platform.

On Monday, WazirX formally said that it had ceased accepting deposits for USDC as well as for other stablecoins including Pax Dollar (USDP) and TrueUSD (TUSD).

The platform will instead provide customers with the BUSD stablecoin to improve liquidity and capital efficiency, according to the release. On October 5, WazirX will deploy BUSD auto-conversion at a 1:1 ratio for customers’ current balances of USDC, USDP, and TUSD, the company announced.

When the conversion is finished, users will be able to see their USDC, USDP, and TUSD amounts under the BUSD-denominated account balance, according to the exchange. “ WazirX could modify the stablecoin list.

“Users will be able to view their USDC, USDP and TUSD balances under the BUSD-denominated account balance when the conversion is complete,” the company noted. “WazirX may amend the list of stablecoins eligible for auto-conversion,” the announcement added.

Up until September 23 on WazirX, withdrawals in USDC, USDP, and TUSD will still be possible. On September 26, the company intends to remove the stablecoins from its spot trading pairings. Data from CoinGecko shows that prior to the announcement, WazirX was only trading a little quantity of USDC. The only USDC trading pair available on WazirX at the time of writing is USDC trading against Tether (USDT), with $3,400 in daily transactions.

The market capitalisation of USDC is $50 billion at the time of writing, less than the competing stablecoin USDT by more than $17 billion. According to CoinGecko, Binance USD, the third-largest stablecoin by value, has a market worth of $20.6 billion.

The relationship between Binance and WazirX turned sour after the Enforcement Directorate (ED) froze bank balances to the tune of Rs 64.67 crore of the directors of Zanmai on August 5, 2022. The public dispute has left about 15 million registered users on the platforms stranded. It is believed that Zanmai Labs, run by Nischal Shetty and other founders, will opt for a legal route. This sent shockwaves to the market especially, when Binance announced its acquisition of WazirX, in a blog post on November 21, 2019. In response to this, Changpeng Zhao, CEO, of Binance, through a series of tweets, officially clarified that his company never completed the acquisition of WazirX.

Also Read: Binance clears its position; removes off-chain fund transfer with WazirX

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