USDC, USDP and TUSD Stablecoins No Longer Available for Deposit on WazirX

One of India’s most trusted cryptocurrency exchanges, WazirX has informed the public of its plans to stop accepting new deposits as well as existing ones in USD Coin (USDC), Paxos Standard (USDP), and True USD (TUSD) across its platforms.

The news was officially announced on Friday by WazirX. WazirX has made a promise to offer Binance USD (BUSD) Auto-Conversion for its user’s existing balances of USDC, USDP, and TUSD stablecoins at a 1:1 ratio. It noted that this move will help to improve users’ liquidity and capital efficiency.

WazirX delisting process involves allowing existing customers to make withdrawals of stablecoins till 5 PM IST on 23rd September 2022. Also, it will permit the removal of the USDC, USDP, and TUSD spot market pairs at 07:30 AM IST on 26th September 2022.

According to WazirX, any USDC, USDP, or TUSD balances in user accounts will be immediately converted to BUSD after delisting and auto-conversion will be finished by October 5th.

Users can withdraw USDC, USDP, or TUSD from their BUSD accounts at a 1:1 ratio after the Auto-Conversion is finished. The list of stablecoins that qualify for auto-conversion may be modified by WazirX in the coming weeks.

Finally, when the conversion is complete, users will be able to see their USDC, USDP, and TUSD balances under the BUSD-denominated account balance.

WazirX is trailing Binance’s steps

The news to delist the USDC. USDP and TUSD from the WazirX platform come after Binance announced plans to stop spot trading featuring these stablecoins earlier this month. 

According to Binance, the delisting will not affect their users because they will continue to withdraw funds in USDC, USDP, and TUSD at a 1:1 ratio to their BUSD-denominated account balance.

Binance also made a promise that all USDC subscribers will be immediately redeemed and placed into users’ spot wallets on September 23 at 8:30 IST, when Binance stops selling USDC Flexible Savings and DeFi Staking subscriptions.

Despite the monopolistic act, industry giants believe the move is beneficial to the delisted coins when critically examined.