Wazirx Joins Binance to Unlist USDC, USDP and TUSD:
Yesterday, WazirX, one of India’s renowned cryptocurrency exchanges, announced the delisting of Circle’s USDC, Paxos’ USDP, and TrueUSD (TUSD) stablecoins, effective from September 26.
According to the statement, USDC, USDP, and TUSD deposits have already been suspended.
Going futher, users will have to withdraw their funds by October 05, or the funds will be automatically converted to BUSD —just like Binance said.
“Auto-conversion will be done on or before October 05. After the Auto-Conversion is completed, users will be able to withdraw USDC, USDP, or TUSD at a ratio of 1:1 from their BUSD balances.”
However, Tether’s USDT will still be supported.
According to WazirX, the delisting of USDC, USDP, and TUSD, is to enhance liquidity and capital efficiency for users, a claim similar to that of Binance.
Just as Binance revealed, WazirX also ended its statement indicating that it could include other significant stablecoins.
You may wonder the relationship between Binance and WazirX.
Anyways, in WazirX website, it claims to be affiliated with the Binance group.
Perhaps, the recent decision could be in line with Binance’s interests to make BUSD one of the most important stablecoins in the ecosystem, increasing its market capitalization, which is currently around $20.52B.
However, Binance CEO, Changpeng Zhao (CZ), recently noted on Twitter that Binance had not “acquired” WazirX due to payment issues.
So, the delisting decision literally has nothing to do with Binance interests, although Binance offers wallet services to WazirX, as well as off-chain transaction solutions to help users save money on network fees.