WazirX: Delisting USDC
WazirX, India's largest cryptocurrency exchange, has followed Binance's lead by delisting USDC.
Exchange USDC to BUSD
India's leading cryptocurrency platform mimics the world's most popular cryptocurrency exchange by excluding the dollar coin from its list. Binance is the first exchange to decide to exchange the existing USDC on its platform for the supported stablecoin Binance Dollar (BUSD).
In a statement posted on its official website on Monday, WazirX announced that it will delist the USD Coin (USDC), Pax Dollar (USDP), and True USD (TUSD) stablecoins and their respective spot market pairs starting September 26th. The announcement also revealed that the platform has stopped depositing the aforementioned stablecoins and is automatically converting the existing balance of these coins into BUSD at a 1:1 ratio.
Asset Conversion Schedule
The main purpose of this is to improve liquidity and capital efficiency for users who will be able to withdraw their USDC, USDP and TUSD before 17:00 IST on September 23rd. Automatic conversion will occur no later than October 5, after the balance of stablecoins in the user account is delisted.
The conversion will happen automatically, after which users will be able to view USDC, USDP and TUSD balances in their BUSD denominated accounts and even withdraw those coins from their BUSD balances at a 1:1 valuation. The statement also mentions that WazirX can adjust the list of coins for automatic conversion.
Behind Binance, followed by WazirX
In early September, Binance first announced the delisting of the USDC stablecoin, citing that it was done to protect users' liquidity. According to a WazirX spokesperson, the company conducts regular reviews of all offered digital assets in order to maintain certain standards in terms of trading volume, liquidity, team commitment, responsiveness to regular due diligence requests, and more.
“When a coin or token no longer meets this standard, or the industry changes, we do a more thorough review and may delist it. We believe this best protects all of our users.”
CoinGecko data shows that USDC is more popular than ever on the WazirX platform. The delisting announcement is sure to further lower the value of the USDC token.
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