cryptocurrency

WazirX announces the deletion of USDC, USDP and TUSD

  • User balances in these currencies will be automatically converted to BUSD.
  • On September 26, the spot market pairs of all three stablecoins will be deleted.

Indian cryptocurrency exchange WazirX He just mentioned that three stablecoins will be delisted. USD Coin (USDC), Pax Dollar (USDP), and TrueUSD (TUSD). User balances in these currencies will be automatically converted to BUSD.

The stock exchange stated:

“WazirX has suspended USDC, USDP and TUSD deposits, and we will not support any new deposits. To enhance liquidity and capital efficiency of users, WazirX will implement automatic BUSD conversion of users’ existing balances of USDC, USDP and TUSD in a 1:1 ratio.”

Specifically, the exchange said that starting from 5pm IST on September 23, USDC, USDP and TUSD withdrawals will be halted. On September 26, the spot market pairs of all three stablecoins will be deleted.

Users’ existing USDC, USDP and TUSD balances will be transferred automatically “on or before October 5th,” WazirX said. Moreover, just two weeks ago, Binance made headlines for the delisting of USDC and two other stablecoins in language very identical to the language used today. The exchange stated that this adjustment was made to “enhance liquidity and capital efficiency for users” and reserved the right to “modify the list of stablecoins eligible for automatic conversion.”

This also comes on the heels of Binance’s recent denial that it owns WazirX, having said the opposite earlier in 2019. “This transaction was never completed,” Binance founder Changpeng “CZ” Zhao said on Twitter at the beginning of August. This was in response to a 2019 report that Binance had acquired WazirX for up to $10 million.

Nischal Shetty, one of the founders of WazirX, reacted with fury to Zhao’s comments. The co-founder claimed that CZ and the other co-founders who own Zanmai Labs have a license from Binance to run INR-crypto pairs on WazirX.

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