WazirX to Delist USDC, USDP, and TUSD on September 26

WazirX, one of India’s largest crypto exchanges, has announced that the platform has stopped deposits of USDC, USDP, and TUSD and will not support any further new deposits. The decision is made to enhance liquidity and capital efficiency for users. Additionally, the exchange informed that it would implement BUSD Auto-Conversion for users’ existing balances of USDC, USDP, and TUSD stablecoins at a 1:1 ratio. WazirX will support USDC, USDP, and TUSD withdrawals until September 23, 2022. Moreover, USDC, USDP, and TUSD spot market pairs will be delisted at 07:30 AM IST on September 26, 2022. https://twitter.com/WazirXIndia/status/1571799125875736576

Users Can Withdraw USDC, USDP, TUSD Balance After Oct. 5

After delisting, USDC, USDP, or TUSD balances in user accounts will be instantly converted to BUSD. By October 5, auto-conversion will be completed. Users can withdraw USDC, USDP, or TUSD from their BUSD accounts at a 1:1 ratio after the auto-conversion is finished. WazirX may change the list of stablecoins that are suitable for auto-conversion. Users can see their USDC, USDP, and TUSD balances when the conversion is finished under the BUSD-denominated account balance. WazirX is not the first crypto exchange to announce the delisting of USDC, USDP, and TUSD. On September 6, 2022, Binance also announced the same. 

Binance to Stop Supporting USDC

The Binance platform will cease to support trading in the stablecoins USD Coin (USDC), TrueUSD (TUSD), and Paxos Standard (USDP), and on September 29, will convert all user balances in these coins to Binance USD (BUSD). The exchange notes that users can see the converted balance on their accounts in 24 hours and that the minimum amount for manual conversion is 1 USDC, USDP, or TUSD.   

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