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.
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“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.