WazirX, a major Indian cryptocurrency exchange, has decided to delist the USD Coin (USDC) and transfer the remaining holdings into the Binance-backed Binance USD (BUSD) stablecoin.
The exchange formally declared on Monday that it has ceased accepting USDC deposits, as well as those of other stablecoins such as Pax dollar (USDP) and TrueUSD (TUSD).
According to the release, the site would instead provide the BUSD stablecoin to consumers in order to improve liquidity and capital efficiency. On October 5, WazirX will provide BUSD auto-conversion for users’ existing USDC, USDP, and TUSD balances at a 1:1 ratio.
WazirX will continue to accept USDC, USDP, and TUSD withdrawals till Friday. On September 26, the marketplace intends to delist the stablecoins from its spot trading pairings.
WazirX was trading a negligible amount of USDC prior to the announcement, according to CoinGecko statistics. The only USDC trading pair featured on the market at the time of writing is USDC trading against USDT, with $3,400 in daily transactions.
In comparison, BUSD has two trading pairs on WazirX: USDT stablecoin and Indian rupee, with daily trading volumes of $5,700 and $5,200, respectively.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews