WazirX to introduce automatic conversion of USDC to BUSD, following Binance

From September 26, the Indian cryptocurrency exchange WazirX will stop accepting deposits in stablecoins USDC, USDP and TUSD and will delist the related trading pairs.

📢 Support for USDC, USDP & TUSD

👉 WazirX has stopped deposits of USDC, USDP & TUSD
👉 WazirX will support withdrawals till 23rd Sept 2022, 5 PM IST
👉 26th Sept 2022, 7:30 AM IST: WazirX will delist USDC/USDT, USDP/USDT & TUSD/USDT

More info 👇https://t.co/NVAcjahLAz

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) September 19, 2022

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On October 5, current balances of users’ stablecoins will be converted to BUSD at a 1:1 ratio.

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Withdrawals of USDC, USDP and TUSD will remain available until September 23.

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The decision was explained as aiming to increase liquidity and capital efficiency.

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“WazirX may make changes to the list of stable coins eligible for automatic conversion,” warned representatives of the company.

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Earlier, with the initiative to convert USDC, USDP and TUSD into BUSD put forward by the issuer of the latter, the exchange Binance.

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In September, BUSD’s market capitalization surpassed the $20 billion mark.

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CEO and founder of the market maker Wintermute Evgeny Gaevoy said he saw in Binance’s initiative risks for USDT. In JPMorgan came to the opposite view.

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