Main Indian cryptocurrency alternate 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 formally introduced on Monday that it has stopped deposits of USDC alongside different stablecoins like Pax greenback (USDP) and TrueUSD (TUSD).
Based on the announcement, the platform will as a substitute supply the BUSD stablecoin to reinforce liquidity and capital effectivity for customers. WazirX will implement BUSD auto-conversion for customers’ current balances of USDC, USDP and TUSD at a 1:1 ratio on Oct. 5, the agency stated.
“Customers will be capable to view their USDC, USDP and TUSD balances underneath the BUSD-denominated account steadiness when the conversion is full,” the alternate famous. “WazirX might amend the checklist of stablecoins eligible for auto-conversion,” the announcement added.
Withdrawals of USDC, USDP and TUSD will nonetheless be obtainable on WazirX until Friday. The platform then plans to delist the stablecoins from its spot buying and selling pairs on Sept. 26.
Based on knowledge from CoinGecko, WazirX was buying and selling an insignificant quantity of USDC earlier than the announcement. On the time of writing, the one USDC buying and selling pair listed on WazirX is USDC buying and selling in opposition to Tether (USDT), with $3,400 in day by day volumes.
In distinction, BUSD has two buying and selling pairs on WazirX, buying and selling in opposition to the USDT stablecoin and the Indian rupee, with day by day buying and selling volumes amounting to $5,700 and $5,200, respectively.
WazirX didn’t reply instantly to Cointelegraph’s request for remark.
Associated: Circle co-founder says converged greenback books on Binance could be good for USDC
Launched by the regulated fintech agency Circle and the Coinbase crypto alternate, USDC is the second-largest stablecoin by market capitalization following Tether USDT. On the time of writing, USDC’s market cap quantities to $50 billion, or down greater than $17 billion from the rival stablecoin USDT. Binance USD, the third-largest stablecoin by worth, has a market cap of $20.6 billion, based on CoinGecko.
The most recent delisting of USDC from WazirX comes shortly after Binance introduced plans to take away USDC as a tradable asset from its platform. Equally to WazirX, Binance stated that it’s going to auto-convert USDC, USDP and TrueUSD balances into the BUSD stablecoin to increase liquidity.
In August, Binance denied any fairness possession in WazirX after the Indian crypto alternate got here underneath regulatory scrutiny. India’s Directorate of Enforcement beforehand froze greater than $8.1 million in funds on WazirX as a part of an Anti-Cash Laundering investigation in opposition to the agency.
