Indian largest cryptocurrency exchange, WaziriX has joined Binance in delisting Circle’s USD Coin (USDC), Pax Dollar (USDP) and TrueUSD (TUSD) and just like Binance, it will “auto convert” the three stablecoins to Binance USD (BUSD).
The exchange in a Monday announcement disclosed that it has halted the deposits of the three stablecoins and will not support any new deposits.
“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 exchange said on Monday.
It however furthered that on September 23, it will suspend withdrawals of the three stablecoins by 5 pm, and on September 26, it will delist spot market pairs for the said stablecoins.
The auto-conversion of users’ USDC, USDP, and TUSD existing balances will be completed “on or before 5th October,” added WazirX.
Weeks ago, Binance announced a similar move on the three stablecoins citing that it wanted “to enhance liquidity and capital efficiency for users” and reserved the right to “amend the list of stablecoins eligible for auto-conversion.”
The move also follows Binance CZ refuting the claim that Binance owns the crypto exchange due to the 2019 acquisition move by Binance CEO, according to CZ, the deal to acquire WaziriX was never successful.
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