WazirX will support withdrawals of USDC, USDP, and TUSD till 23 September 2022 at 5:00 PM IST.
The exchange will then delist the stablecoins’ spot market pairs on 26 September 2022 at 07:30 AM IST.
Automatic conversion into BUSD will be at a 1:1 ratio.
Indian cryptocurrency exchange WazirX is set to delist three stablecoins, namely USD Coin (USDC), Pax Dollar (USDP) and True USD (TUSD).
According to the platform, support for deposits has ceased as of the announcement. The next step is to stop withdrawals, auto-convert the balances into BUSD at a 1:1 ratio and then remove USDC, USDP and TUSD from the exchange.
As per the Indian crypto firm, the BUSD Auto-Conversion feature will help improve liquidity and capital efficiency across the ecosystem.
But prior to the delisting, WazirX will continue to support withdrawals of the USDC, USDP and TUSD tokens until 23 September 2022 at 5:00 PM IST. Delisting of the three stablecoins’ spot market pairs will happen on 26 September 2022 at 07:30 AM IST, WazirX noted in its announcement.
Binance to also auto-convert USDC, USDP and TUSD
On 5 September, Binance introduced the BUSD Auto- Conversion feature for users, with plans to have account balances as well as new deposits for USDC, USDP and TUSD converted into BUSD.
According to the exchange, the changes are to take effect on 29 September 2022 at 03:00 UTC.
But as Binance later clarified following the initial announcement, while it will remove spot market pairs for the stablecoins (and only support BUSD and USDT), users are set to continue accessing deposits and withdrawals in any of the stablecoins – BUSD, USDC, USDP and TUSD.
Notably, WazirX has announced it will no longer accept new deposits in the three stablecoins.