Binance and WazirX, top cryptocurrency exchanges worldwide, plan to delist USDC. Binance was announced on Sept. 5, and Sept. 19, 2022, and WazirX was also announced. WazirX said that it is also going to delist USD Coin (USDC), Pax Dollar (USDP), and TrueUSD (TUSD). The exchange also announced that it will auto-convert the existing balances of these three stablecoins to Binance BUSD. Stablecoin announced that it would automatically convert to BUSD, developed by Binance.
According to WazirX’s official website,
“WazirX has stopped deposits of USDC, USDP, and TUSD, and we will not support any new deposits. 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. WazirX will :
- Support withdrawals of USDC, USDP, and TUSD till 5 PM IST on Sept. 23, 2022
- Delist USDC, USDP, and TUSD spot market pairs at 07:30 AM IST on Sept. 26, 2022.”
WazirX will resume auto-converting by Oct. 5 and revise the list of stablecoins eligible for auto-conversion. WazirX will support withdrawals from stablecoins USD Coin (USDC), Pax Dollar (USDP), and True USD (TUSD) until the September announcement that the pair will be delisted.
WazirX follows Binance in delisting USDC
Earlier this month, Binance announced its decision to automatically convert existing USDC, USDP, and TUSD user balances to his BUSD on Sept. 29 at a 1:1 ratio. WazirX takes this step even though it is not on good terms with Binance. WazirX used similar language to Binance’s announcement to delist USDC and the two other stablecoins. The exchange said the move aims to improve capital efficiency and liquidity for its users. Therefore, it reserves the right to auto-convert the stablecoins to BUSD.
To enhance liquidity and capital-efficiency for users, Binance is introducing BUSD Auto-Conversion for users’ existing balances and new deposits of USDC, USDP, and TUSD stablecoins at 1:1. From 2022-09-29 03:00 (UTC), users will trade with a consolidated BUSD balance on the Binance Platform that reflects their balances of these four stablecoins (BUSD, USDC, USDP, and TUSD) post-conversion.
This will not affect users’ choice of withdrawal: users will continue to be able to withdraw funds in USDC, USDP, and TUSD at a 1:1 ratio to their BUSD-denominated account balance.”
This comes after Binance recently denied ownership of WazirX despite making ownership claims in 2019. WazirX was also in an ownership dispute with Binance last week as it responded to an investigation by the Financial Crimes Authority of India that allowed WazirX to resume banking operations. In August, Binance announced that the Indian government had acquired Zanmai Labs Pvt. Ltd., operator of WazirX.
Will Binance BUSD Replace Stablecoins USDT and USDC?
The popularity of Binance BUSD is increasing. The coin is also a stablecoin that threatens to replace USDT and USDT. Binance CZ is quite popular, and Binance offers full support to its users. As a user, you will get refunds if anything goes wrong. Due to the stability of Binance, BUSD is becoming popular. It might even replace USDT and USDC over time.