WazirX set to scrap USDC, TUSD and USDP

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  • WazirX supports withdrawals from USDC, USDP and TUSD until September 23, 2022 at 5:00 PM IST.
  • The exchange will then remove the spot market pairs from the stablecoins on September 26, 2022 at 07:30 AM IST.
  • Automatic conversion to BUSD has a 1:1 ratio.

Indian cryptocurrency exchange WazirX will scrap three stablecoins namely USD Coin (USDC), Pax Dollar (USDP) and True USD (TUSD).

According to the platform, support for deposits has ended as of the announcement. The next step is to stop withdrawals, automatically convert the balances to BUSD in a 1:1 ratio and then remove USDC, USDP and TUSD from the exchange.

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According to the Indian crypto firm, the BUSD Auto-Conversion feature will help improve liquidity and capital efficiency across the ecosystem.

But prior to the delisting, WazirX will continue to support withdrawals of the USDC, USDP, and TUSD tokens until September 23, 2022 at 5:00 PM IST. The delisting of the three stablecoins’ spot market pairs will take place on September 26, 2022 at 07:30 AM IST, WazirX noted in its announcement.

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Binance to automatically convert USDC, USDP and TUSD too

On September 5, Binance introduced the BUSD Auto-Conversion feature to users, with plans to convert account balances and new deposits for USDC, USDP and TUSD into BUSD.

According to the exchange, the changes will take effect on September 29, 2022 at 03:00 UTC.

But as Binance later clarified after the initial announcement, while it will remove spot market pairs for the stablecoins (and only support BUSD and USDT), users will continue to access deposits and withdrawals in any of the stablecoins – BUSD, USDC, USDP and TUSD.

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Notably, WazirX has announced that it will no longer accept new deposits in the three stablecoins.