WazirX has chosen to delist the USD Coin from its platform and convert the remaining balances into Binance USD stablecoin.
WazirX officially announced that it has stopped deposits of USDC alongside other stablecoins like Pax dollar and True USD.
According to the announcement, the platform will instead offer the BUSD stablecoin to enhance liquidity and capital efficiency for users. WazirX will implement BUSD auto-conversion for users’ existing balances of USDC, USDP and TUSD at a 1:1 ratio.
Users will be able to view their USDC, USDP and TUSD balances under the BUSD-denominated account balance when the conversion is complete,” the exchange noted. Withdrawals of USDC, USDP and TUSD will still be available on WazirX till Friday.
According to data, WazirX was trading an insignificant amount of USDC before the announcement. At the time of writing, the only USDC trading pair listed on WazirX is USDC trading against Tether , with $3,400 in daily volumes. In contrast, BUSD has two trading pairs on WazirX, trading against the USDT stablecoin and the Indian rupee, with daily trading volumes amounting to $5,700 and $5,200, respectively.
