WazirX, the largest cryptocurrency exchange based in India has recently dropped the news of proceeding with delisting USD Coin (USDC).
WazirX to Delist USDC
The exchange officials have announced that they will be proceeding with the delisting of USD Coin (USDC) from their platform.
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Once the delisting has been put in place, they will proceed with the conversion of the remaining USDC on their platform to Binance USD (BUSD). BUSD is the stablecoin that is powered by Binance, the largest crypto exchange by trading volume.
Deposits have been ceased
On Monday, the exchange officials confirmed that they had already suspended the deposit feature for USDC on their platform.
USDC was not the only stablecoin WazirX officials announced they will be delisting and have ceased the deposits for. In addition to USDC, the WazirX officials have stopped depositing features of TrueUSD (TUSD) and Pax dollar (USDP), USD-pegged stablecoins.
Conversion to BUSD
WazirX has announced that following the delisting of the tokens, they are aiming to increase the liquidity for Binance USD stablecoin. They are also aiming to increase the capital efficiency of the users on the platform.
As confirmed through the announcement on the website, the conversion of TUSD, USDP, and USDC balances on the exchange to BUSD will be executed on October 5.
The conversion will be implemented at a ratio of 1:1, meaning 1 USDC would translate to 1 BUSD and the same would be for TUSD, and USDP.
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Following the conversion, the WazirX users will be able to view the converted TUSD, USDP, and USDC to BUSD in their asset dashboard. There are chances that the auto-conversion stablecoins list may get implemented before the conversion date.
Withdrawals to Remain Active
The update includes that the withdrawals for the mentioned stablecoins would remain active until Friday. The next development would be the delisting of stablecoins from spot trading pairs.
On September 26, the particular stablecoins would be removed from the spot trading pairs.
Very Low Volume
WazirX has a very small amount of USDC currently circulating its platform as confirmed by CoinGecko. At the time of writing, only $3,400 worth of USDC is flowing through WazirX’s platform in the form of trading volume.
The only pair for USDC being used on the exchange is USDC/USDT, which is Tether, the largest USD-pegged stablecoin.
BUSD’s Trading Volume on Exchange
On the other hand, the total trading volume recorded on WazirX for BUSD is worth around $5,700. The amount recorded is versus the trading pairs BUSD/USDT and BUSD/INR.
WazirX follows Binance
WazirX seems to have followed Binance as the exchange has also announced the delisting of USDC from its platform as well as TrueUSD and USDP. The exchange will also convert them to BUSD.