WazirX exchange to delist stablecoins USDC, USDP, and TUSD

Quick Take

  • The digital currency exchange WazirX will no longer support deposits for USDC, USDP, and TUSD.
  • Existing balances will be converted automatically to BUSD at a 1:1 ratio after October 5th.

WazirX halted deposits of USDC, USDP, and TUSD stablecoin as of today.

Withdrawal support for USDC, USDP, and TUSD will discontinue at 5 p.m, IST on September 23rd, after which point existing balances of the coins will be auto-converted into BUSD at a 1:1 ratio, the Indian crypto exchange announcedThe conversion will be complete on or before October 5th.

Following the auto-conversion deadline, users may withdraw USDC, USDP, or TUSD at a ratio of 1:1 from BUSD balances and view the balances of those coins under a BUSD-denominated account balance, said WazirX adding that it “may amend the list of stablecoins eligible for auto-conversion.”

The decision to transition to greater BUSD support comes after WazirX and Binance last month got into a public spat over the Indian firm's ownership. The dispute, which was precipitated by a money-laundering investigation into WazirX by Indian authorities that saw up to $8 million in funds frozen.

A 2019 blog post from Binance indicated it had purchased the Indian firm, but Binance co-founder and CEO Changpeng Zhao said after the Indian probe news that his firm never completed the acquisition. WazirX founder Nischal Shetty
refuted the claim.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.