WazirX to Follow Binance in Converting Stablecoins to BUSD


Indian cryptocurrency exchange WazirX has announced the delisting of major stablecoins Tether (USDT), Pax Dollar (USDP) and True USD (TUSD).

The exchange follows Binance, the world’s largest cryptocurrency exchange by trading volume, in consolidating its stablecoin assets into a single asset. In preparation for delisting, WazirX has stopped deposits for USDT, USDP and TUSD and will suspend withdrawals of these stablecoins on September 23, 2022 at 5pm IST. It will then delist USDT, USDP and TUSD on September 26, 2022 at 7:30AM IST.

After delisting, the exchange will Convert all remaining stablecoin balances to another stablecoin, Binance USD (BUSD), “to improve liquidity and capital efficiency for users.” Users can withdraw USDC, USDP, and TUSD from their BUSD balance on a 1:1 basis .

WazirX will also remove spot trading pairs for the three stablecoins. Binance and Paxos Trust issue BUSD.

On September 6, 2022, Binance announced the conversion of Circle (USDC), USDP, and TrueUSD to BUSD for similar reasons.

WazirX ownership dispute

In July 2022, Binance CEO Changpeng ‘CZ’ Zhao denounced WazirX CEO Nischal Shetty’s claim that Binance owns the Indian exchange. Shetty’s statement follows a 2019 Binance blog post in which the exchange said it had “acquired” WazirX, but never reached an agreement.

“Binance has never — at any time — owned any stake in Zanmai Labs, the entity that operates WazirX,” CZ tweetAccording to Zhao, Binance provides the wallet infrastructure for WazirX, but the exchange manages its own know-your-customer process, the initiation of transactions and withdrawals.

In August 2022, following an investigation by the Indian Bureau of Enforcement, CZ advised WazirX users to transfer funds held in WazirX to Binance.

BUSD criticized by Circle CEO

USD/USD successfully started On the Avalanche blockchain and Polygon after stablecoin conversion. These two blockchains add to BUSD’s growing multi-chain footprint as it already exists on Binance Smart Chain (BSC) and Ethereum.

September 8, 2022 Paxos Trust brag Unlike other stablecoins, BUSD and USDP are regulated by the New York Department of Financial Services.

Meanwhile, Circle CEO Jeremy Allaire Pointing out that BUSD is of little use outside of the Binance platform, news about the exchange’s automatic conversion was misunderstood by the media. At the time, CZ confirmed that USDC deposits and withdrawals were still possible.

Data from Coinglass indicates that the bulk of BUSD’s volume over the past 24 hours occurred on BSC. At press time, BUSD has grown to become the third-largest stablecoin by market cap.

Disclaimer

All information contained on our website is published in good faith and for general information purposes only. Any action that readers take with respect to the information on our site is entirely at their own risk.





Source link

Leave a Reply

Your email address will not be published.