Indian crypto exchange WazirX will delist USDC, USDP, and TUSD coins on Sept. 26, the exchange announced earlier today. It is following in the footsteps of the US-based Binance exchange.
“To enhance liquidity and capital efficiency for users, WazirX will implement BUSD Auto-Conversion for users’ existing balances of USDC, USDP, and TUSD stablecoins at a 1:1 ratio” Wazir says in the official announcement. The platform will begin converting the three coins into BUSD coins. This change in the currency will enhance liquidity and capital efficiency for users.
“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 adds. “WazirX may amend the list of stablecoins eligible for auto-conversion.”
WazirX will continue supporting withdrawals of USDC, USDP, and TUSD until 5 p.m IST (8:30 am EST) on Sep. 23. The coins will discontinue and begin auto-converting to BUSD on the 26th. The auto-conversion process will conclude on Oct. 5, according to WazirX.
BUSD is currently trading at ₹83.03, or $1.04 USD. In contrast, Tether, (USDT) and USDC are trading at ₹85.75 ($1.08) and ₹85.25 ($1.07) respectively. WazirX also shared that it may amend the list of stablecoins eligible for auto-conversion.