WazirX, India’s largest cryptocurrency exchange by trade volume, said it has stopped deposits of stablecoins USDC, USDP and TUSD, and will automatically convert users’ existing balances to Binance’s USD-backed stablecoin BUSD at a 1:1 ratio.
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- WazirX will begin the auto-conversion on or before Oct. 5 and may revise the list of stablecoins eligible for auto-conversion, the company said in a blog post on Monday.
- While WazirX will support withdrawals of stablecoins USD Coin (USDC), Pax Dollar (USDP) and True USD (TUSD) until Sept. 23, the exchange said it will delist their spot market pairs on Sept. 26.
- The move is to “enhance liquidity and capital efficiency for users,” WazirX said in its blog post.
- Earlier this month, Binance announced its decision to automatically convert existing USDC, USDP and TUSD user balances to BUSD at a 1:1 ratio on Sept. 29.
- WazirX has been in an ownership spat with Binance while responding to investigations by India’s financial crime-fighting agency, which allowed WazirX to resume banking operations last week.
- In August, Binance had announced its decision to shut down the off-chain fund transfer channel with WazirX following the Indian government’s allegations against Zanmai Labs Pvt. Ltd., the operator of WazirX.
Pradipta Mukherjee is a business reporter and has worked for Bloomberg News and Business Standard in India. An MBA and a post-graduate in Economics, Mukherjee focuses on financial markets and corporates. She is a Mary Morgan Hewitt award recipient for Women in Journalism. She has also won the Jefferson Fellowship; the Thomson Reuters Foundation fellowship on ‘Social Media and Digital Journalism’ at The Chinese University of Hong Kong; and most recently, the Kiplinger Fellowship at Ohio University, USA.
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