India’s Largest Exchange To Delist USDC

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WazirX, which is the largest crypto trading platform in India, has followed suit in Binance’s footsteps and removed the USDC stablecoin from its listings. 

USDC To Be Exchanged For BUSD

India’s leading crypto platform is mirroring the world’s largest crypto exchange in removing the USD Coin from its listings. The former has decided to exchange the existing USDC on its platform for the Binance-backed stablecoin, Binance USD (BUSD). 

In a statement released on its official website on Monday, WazirX announced that it will be delisting USD Coin (USDC), Pax Dollar (USDP), and True USD (TUSD) stablecoins and associated spot market pairs from September 26 onwards. The announcement also revealed that the platform has already stopped deposits of the aforementioned stablecoins, and will implementing BUSD Auto-Conversion for existing balances of these coins at a 1:1 ration.  

Asset Conversion Schedule

The main intention behind this move is to enhance liquidity and capital efficiency for users, who will be able to withdraw their USDC, USDP, and TUSD till 5 PM IST on September 23. The Auto-Conversion will happen on or before October 5, once the stablecoin balances in user accounts have been delisted. Following the Auto-Conversion, users will be able to view their USDC, USDP, and TUSD balances under BUSD-denominated account balance, and even withdraw these coins from their BUSD balances at a 1:1 valuation. The statement also mentioned that WazirX might amend the list of stablecoins eligible for auto-conversion.

BInance Started, WazirX Followed

The delisting of the USDC stablecoin was first announced by the Binance exchange, in early September, citing similar reasons of protecting user liquidity for doing so. According to a WazirX spokesperson, the firm undergoes periodical reviews of all offered digital assets to maintain a certain standard, in terms of trading volume, liquidity, team commitment, responsiveness to periodic due diligence requests and others. They added, 

“When a coin or token no longer meets this standard or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users.”

CoinGecko data reveals that USDC was never that popular on the WazirX platform. The delisting announcement must have resulted in further pulling of the coin, as currently there is one one USDC trading pair listed on the platform, against USDT, with $3,400 in daily volumes. In contrast BUSD’s two trading pairs on WazirX against USDT amount to daily volumes of $5,700 and $5,200 respectively. 

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