WazirX a major cryptocurrency exchange in India has chosen to delist the USD Coin (USDC) and two other stablecoins; TrueUSD (TUSD), and Pax Dollar (USDP).
WazirX announced that they will freeze withdrawals of USDC, TUSD, and USDP on September 23, at exactly 5 PM IST. There will be a spot market delisting of all the stablecoins pairs on September 26.
Similar to Binance, WazirX will also implement BUSD auto conversion for their customers’ existing balances of the three delisted stablecoins. The conversion is going to be on a 1:1 ratio and it is expected to be completed on or before October 5.
Customers can still withdraw their USDC on WazirX up until Friday, Sep 23, and the complete delisting of the stablecoins and its spot trading will take place on September 26. WazirX also stated that they may adjust the list of stablecoins that will be available for auto conversion.
The changes will be made to offer enhance liquidity and capital efficiency for their customers. Customers will be able to view their USDC, TUSD, and USDP balances under the BUSD-denominated account balance after the conversion is complete.
USDC is a stablecoin that is backed by the value of the U.S. dollar on a 1:1 basis. It was launched by Circle and Coinbase and it is the second largest stablecoin by market capitalization just behind USDT. At the time of reporting USDC has a market capitalization of slightly over $50 billion according to stats from Coinmarketcap.