USDC takes another hit
WazirX suspends trading in three Stablecoins
Users have until September 23 to withdraw USDC, USDP and TUSD
After that, they will be automatically converted to BUSD at a rate of 1:1
On Monday, Sept. 19, the official WazirX website posted a notice about the impending delisting of some assets. The platform is closing deposits in USDC, USDP and TUSD with their automatic conversion to BUSD.
Recall, at the beginning of September, Binance announced the closure of operations with some stabelcoins. At the same time, the exchange introduced their automatic conversion to BUSD.
At the same time, the exchange did not deny that in the future the changes may affect USDT. Although Circle’s CEO denies losing USDC, the capitalisation gap between it and Tether has grown significantly.
And, of course, BUSD has gained ground. Following this, Indian crypto exchange WazirX is also closing operations with USDC and two other “coins”.
Withdrawals of these assets will be available until 23 September inclusive. After three days, these currency pairs will be excluded from spot contracts. From 5 October, any balances of the designated stabelcoins will be converted into BUSD at a ratio of 1 to 1.
At the time of writing, USDC has a capitalisation of $50bn. The gap with Tether stablcoin has widened to $17bn. BUSD is $20.51bn.