WazirX, one of India’s leading crypto exchanges, has declared that it has ceased accepting USDC, USDP, and TUSD deposits and will no longer accept new deposits. The decision is made to improve users’ liquidity and capital efficiency. Furthermore, the exchange said that it would offer BUSD Auto-Conversion for users’ existing USDC, USDP, and TUSD stablecoin holdings at a 1:1 ratio. WazirX will accept withdrawals in USDC, USDP, and TUSD until September 23, 2022. Furthermore, on September 26, 2022, at 07:30 AM IST, the USDC, USDP, and TUSD spot market pairings will be delisted.
After October 5, users can withdraw their USDC, USDP, and TUSD balances.
USDC, USDP, and TUSD balances in user accounts will be promptly changed to BUSD after delisting. The auto-conversion process will be completed by October 5. After the auto-conversion is complete, users can withdraw USDC, USDP, or TUSD at a 1:1 ratio from their BUSD accounts. WazirX has the right to modify the list of stablecoins appropriate for auto-conversion. When the conversion is complete, users can see their USDC, USDP, and TUSD balances under the BUSD-denominated account balance. WazirX is not the first cryptocurrency exchange to delist USDC, USDP, and TUSD. Binance announced the same on September 6, 2022.
Binance will no longer support USDC.
The Binance platform will no longer enable trading in the stablecoins USD Coin (USDC), TrueUSD (TUSD), and Paxos Standard (USDP), and will convert all user balances in these coins to Binance USD on September 29. (BUSD). Users can see the converted balance on their accounts within 24 hours, and the minimum amount for manual conversion is 1 USDC, USDP, or TUSD.