Main Indian cryptocurrency alternate WazirX has opted to delist the USD Coin (USDC) from its platform and convert the remaining balances into Binance-backed Binance USD (BUSD) stablecoin.
WazirX formally introduced on Monday that it has stopped deposits of USDC alongside different stablecoins like Pax Greenback (USDP) and TrueUSD (TUSD).
Based on the announcement, the platform will as an alternative provide the BUSD stablecoin to boost liquidity and capital effectivity for customers. WazirX will implement BUSD auto-conversion for customers’ current balances of USDC, USDP and TUSD at a 1:1 ratio on Oct. 5, the agency mentioned.
“Customers will be capable to view their USDC, USDP and TUSD balances below the BUSD-denominated account steadiness when the conversion is full,” the alternate famous. “WazirX might amend the checklist of stablecoins eligible for auto-conversion,” the announcement added.
Withdrawals of USDC, USDP, and TUSD will nonetheless be obtainable on WazirX until Sept. 23. The platform then plans to delist the stablecoins from its spot buying and selling pairs on Sept. 26.
Based on information from CoinGecko, WazirX was buying and selling an insignificant quantity of USDC earlier than the announcement. On the time of writing, the one USDC buying and selling pair listed on WazirX is USDC buying and selling in opposition to Tether (USDT), with $3,400 in each day volumes.
In distinction, BUSD has two buying and selling pairs on WazirX, buying and selling in opposition to the USDT stablecoin and the Indian rupee, with each day buying and selling volumes amounting to $5,700 and $5,200, respectively.
WazirX didn’t instantly reply to Cointelegraph’s request for remark.
Associated: Circle co-founder says converged greenback books on Binance can be good for USDC
Launched by the regulated fintech agency Circle and the Coinbase crypto alternate, USDC is the second-largest stablecoin by market capitalization following Tether USDT. On the time of writing, USDC’s market cap quantities to $50 billion, or down greater than $17 billion from the rival stablecoin USDT. Binance USD, the third-largest stablecoin by worth, has a market cap of $20.6 billion, in accordance with CoinGecko.
Prime-3 largest stablecoins. Supply: CoinGecko
The most recent delisting of USDC from WazirX comes shortly after Binance introduced plans to take away USDC as a tradable asset from its platform. Equally to WazirX, Binance mentioned that it’ll auto-convert USDC, USDP and TrueUSD balances into the BUSD stablecoin with a view to broaden liquidity.
In August, Binance denied any fairness possession in WazirX after the Indian crypto alternate got here below regulatory scrutiny. India’s Directorate of Enforcement beforehand froze greater than $8.1 million in funds on WazirX as a part of an Anti-Cash Laundering investigation in opposition to the agency.