WazirX Joins Binance To Delist USDC And Other Stablecoins

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WazirX said in its Twitter post: “Support for USDC, USDP & TUSD. WazirX has stopped deposits of USDC, USDP & TUSD. WazirX will support withdrawals till 23rd Sept 2022, 5 PM IST. 26th Sept 2022, 7:30 AM IST: WazirX will delist USDC/USDT, USDP/USDT & TUSD/USDT.”

Following Binance's move to delist some stablecoins, India’s largest crypto exchange, WazirX, has delisted the same stable coins, converting the users’ holdings to Binance USD. The three delisted stable coins are USD Coin (USDC), Pax Dollar (USDP), and TrueUSD (TUSD).

WazirX’s Twitter announcement said,

“Support for USDC, USDP & TUSD. WazirX has stopped deposits of USDC, USDP & TUSD. WazirX will support withdrawals till 23rd Sept 2022, 5 PM IST. 26th Sept 2022, 7:30 AM IST: WazirX will delist USDC/USDT, USDP/USDT & TUSD/USDT.”

WazirX stated that the withdrawal of these three stablecoins would be stopped after 5 PM IST on September 23, and this will be followed by the removal of spot market pairs for the three coins on September 26.

The crypto exchange also added, 

“The auto-conversion of users' USDC, USDP, and TUSD existing balances will be completed on or before 5th October.”

WazirX believes that the move will help enhance liquidity and capital efficiency for users.

“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.” 

This news by the exchange comes two weeks after Binance made this exact move to delist the same three stablecoins stating it will help to enhance liquidity and capital efficiency for users and amend the list of stablecoins worthy of auto-conversion.

It also comes in light of CZ Binance’s recent denial of acquiring WazirX in a deal valued at about $10 million, stating that “the transaction was never completed.”

This statement by Zhao did not sit well with Nischal Shetty, co-founder of WazirX. He stated that he and the other co-founders own the Zanmai labs, which got its license from Binance to operate INR-crypto pairs on WazirX, and that Binance owns WazirX as a product and a brand.

Written by
Chiagoziem Bede Ikwueze

WazirX said in its Twitter post: “Support for USDC, USDP & TUSD. WazirX has stopped deposits of USDC, USDP & TUSD. WazirX will support withdrawals till 23rd Sept 2022, 5 PM IST. 26th Sept 2022, 7:30 AM IST: WazirX will delist USDC/USDT, USDP/USDT & TUSD/USDT.”

Following Binance's move to delist some stablecoins, India’s largest crypto exchange, WazirX, has delisted the same stable coins, converting the users’ holdings to Binance USD. The three delisted stable coins are USD Coin (USDC), Pax Dollar (USDP), and TrueUSD (TUSD).

WazirX’s Twitter announcement said,

“Support for USDC, USDP & TUSD. WazirX has stopped deposits of USDC, USDP & TUSD. WazirX will support withdrawals till 23rd Sept 2022, 5 PM IST. 26th Sept 2022, 7:30 AM IST: WazirX will delist USDC/USDT, USDP/USDT & TUSD/USDT.”

WazirX stated that the withdrawal of these three stablecoins would be stopped after 5 PM IST on September 23, and this will be followed by the removal of spot market pairs for the three coins on September 26.

The crypto exchange also added, 

“The auto-conversion of users' USDC, USDP, and TUSD existing balances will be completed on or before 5th October.”

WazirX believes that the move will help enhance liquidity and capital efficiency for users.

“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.” 

This news by the exchange comes two weeks after Binance made this exact move to delist the same three stablecoins stating it will help to enhance liquidity and capital efficiency for users and amend the list of stablecoins worthy of auto-conversion.

It also comes in light of CZ Binance’s recent denial of acquiring WazirX in a deal valued at about $10 million, stating that “the transaction was never completed.”

This statement by Zhao did not sit well with Nischal Shetty, co-founder of WazirX. He stated that he and the other co-founders own the Zanmai labs, which got its license from Binance to operate INR-crypto pairs on WazirX, and that Binance owns WazirX as a product and a brand.

Written by
Chiagoziem Bede Ikwueze