Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Topic started by: Markuri33 on September 19, 2022, 06:50:01 PM
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Just like Binance, India-based exchange WazirX will implement BUSD auto-conversion for balances of USDC, USDP and TUSD at a 1:1 ratio in October. Major Indian cryptocurrency exchange WazirX has opted to delist the USD Coin (USDC) from its platform and convert the remaining balances into Binance-backed Binance USD (BUSD) stablecoin.
WazirX officially announced on Monday that it has stopped deposits of USDC alongside other stablecoins like Pax dollar (USDP) and TrueUSD (TUSD).
According to the announcement, the platform will instead offer the BUSD stablecoin to enhance liquidity and capital efficiency for users. WazirX will implement BUSD auto-conversion for users' existing balances of USDC, USDP and TUSD at a 1:1 ratio on Oct. 5, the firm said.
“Users will be able to view their USDC, USDP and TUSD balances under the BUSD-denominated account balance when the conversion is complete,” the exchange noted. “WazirX may amend the list of stablecoins eligible for auto-conversion,” the announcement added.
Withdrawals of USDC, USDP and TUSD will still be available on WazirX till Friday. The platform then plans to delist the stablecoins from its spot trading pairs on Sept. 26.
According to data from CoinGecko, WazirX was trading an insignificant amount of USDC before the announcement. At the time of writing, the only USDC trading pair listed on WazirX is USDC trading against Tether (USDT), with $3,400 in daily volumes.more info (https://cointelegraph.com/news/indian-exchange-wazirx-follows-binance-in-delisting-usdc)
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This is not a surprising development. Everyone knows the relationship between Binance and Wazirx. In addition, it is known that the Indian government has taken drastic measures on cryptocurrencies. Delisting central stablecoins would be beneficial for Wazirx to avoid potential dangers. I think Wazirx may have justified reasons for this choice.