- WazirX will introduce USDP, TUSD and USDC to automatically convert to BUSD
- Trading pairs for these stablecoins will go offline on September 26
- Binance recently did the same to increase adoption and liquidity of its stablecoin BUSD
Indian cryptocurrency exchange WazirX is delisting popular stablecoins USDP, TUSD and USDC to boost adoption of BUSD, a step ahead of Binance, the world’s largest cryptocurrency exchange by trading volume.
According to Monday announcementdeposits for USD Coin (USDC), Pax Dollar (USDP), and TrueUSD (TUSD) have stopped, while withdrawals will be available until 7:30AM ET on September 23rd.
“WazirX has stopped the deposits of USDC, USDP and TUSD, and we will no longer support any new deposits. In order to improve users’ liquidity and capital efficiency, WazirX will automatically convert users’ existing USDC, USDP and TUSD balances into BUSD stablecoins. The ratio is 1:1,” the Indian exchange said.
WazirX said it will also “delist USDC, USDP and TUSD spot market pairs on September 26, 2022 (10:00 PM ET) at 7:30 AM IST.” Automatically convert all USDC, USDP and TUSD tokens in user wallets to BUSD on or before October 5th.
“Once the conversion is complete, users will be able to view their USDC, USDP and TUSD balances under Account Balances denominated in BUSD,” the Indian exchange added.
Binance has previously made similar moves aimed at increasing the adoption and liquidity of its own stablecoin, BUSD, by delisting USDC, USDP and TUSD stablecoins.
Interestingly, Jeremy Allaire, CEO of Circle, the company behind USDC, said that Tether (USDT) was not delisted from Binance or WazirX simply because “it would be too big given Binance’s current USDT liquidity. destructive”.
“Binance has not ended support for USDC, and the change could lead to more USDC flowing into Binance,” Allaire added, “With the consolidated USD book, it will now be easier and more attractive to transfer USDC to Binance for trading core market.”
The world’s largest exchange has “get“WazirX bought some of the latter’s assets and intellectual property in it, not any equity. The relationship between the two exchanges was not good recently after Indian law enforcement seized WazirX’s assets.