Blockchain News

WazirX in India will delist USDC and implement auto-conversion to Binance’s stablecoin

WazirX, India’s largest cryptocurrency exchange by transaction volume, said that it will no longer accept deposits of the stablecoins USDC, USDP, and TUSD and will convert users’ existing balances to Binance’s USD-backed stablecoin BUSD at a 1:1 ratio.

WazirX will start auto-conversion on or before October 5 and may alter the list of stablecoins eligible for auto-conversion, according to a blog post published on Monday.

While WazirX will accept withdrawals of stablecoins USD Coin (USDC), Pax Dollar (USDP), and True USD (TUSD) until September 23, the exchange has announced that its spot market pairs would be delisted on September 26.

The move is intended to “improve liquidity and capital efficiency for users,” according to WazirX’s blog post.

Binance said earlier this month that current USDC, USDP, and TUSD user balances will be automatically converted to BUSD at a 1:1 ratio on September 29.

While responding to inquiries by India’s financial crime-fighting agency, which permitted WazirX to restart banking activities last week, WazirX has been in an ownership dispute with Binance.

Following the Indian government’s claims against WazirX’s operator, Zanmai Labs Pvt. Ltd., Binance announced its decision to close the off-chain fund transfer channel with WazirX in August.

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