Indian exchange WazirX follows Binance in delisting USDC

Major Indian cryptocurrency exchange WazirX has opted to delist the USD Gold coin (USDC) from the platform and convert the rest of the balances into Binance-backed Binance USD (BUSD) stablecoin.

WazirX formally announced on Monday it has stopped deposits of USDC alongside other stablecoins like Pax dollar (USDP) and TrueUSD (TUSD).

Based on the announcement, the woking platform will rather provide the BUSD stablecoin to boost liquidity and capital efficiency for users. WazirX will implement BUSD auto-conversion for users’ existing balances of USDC, USDP and TUSD in a 1:1 ratio on March. 5, the firm stated.

“Users can view their USDC, USDP and TUSD balances underneath the BUSD-denominated balance once the conversion is finished,” the exchange noted. “WazirX may amend their email list of stablecoins qualified for auto-conversion,” the announcement added.

Withdrawals of USDC, USDP and TUSD it’s still on WazirX till Friday. The woking platform then intends to delist the stablecoins from the place buying and selling pairs on Sept. 26.

Based on data from CoinGecko, WazirX was buying and selling an minor quantity of USDC prior to the announcement. During the time of writing, the only real USDC buying and selling pair listed on WazirX is USDC buying and selling against Tether (USDT), with $3,400 in daily volumes.

In comparison, BUSD has two buying and selling pairs on WazirX, buying and selling from the USDT stablecoin and also the Indian rupee, with daily buying and selling volumes amounting to $5,700 and $5,200, correspondingly.

WazirX didn’t respond immediately to Cointelegraph’s request comment.

Related: Circle co-founder states converged dollar books on Binance could be great for USDC

Launched through the controlled fintech firm Circle and also the Coinbase crypto exchange, USDC may be the second-largest stablecoin by market capital following Tether USDT. During the time of writing, USDC’s market cap amounts to $50 billion, or lower greater than $17 billion in the rival stablecoin USDT. Binance USD, the 3rd-largest stablecoin by value, includes a market cap of $20.6 billion, based on CoinGecko.

Top-3 largest stablecoins. Source: CoinGecko

The most recent delisting of USDC from WazirX comes soon after Binance announced intends to remove USDC like a tradable asset from the platform. Much like WazirX, Binance stated that it’ll auto-convert USDC, USDP and TrueUSD balances in to the BUSD stablecoin to grow liquidity.

In August, Binance denied any equity possession in WazirX following the Indian crypto exchange received regulatory scrutiny. India’s Directorate of Enforcement formerly froze greater than $8.a million in funds on WazirX included in an Anti-Money Washing analysis from the firm.

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