Indian premium exchange WazirX deletes stablecoins to boost BUSD

WazirX, India’s largest crypto exchange by trade volume, has followed in Binance’s footsteps, canceling three stablecoins as part of an effort to boost the use and value of the BUSD stablecoin.

WazirX to delete stablecoins

Two weeks after Binance decided to delist US Dollar (USDC), Pax (USDP) and TrueUSD (TUSD) stablecoins from its platform, India’s largest crypto exchange, WazirX advertiser On Monday, September 19, they will do the same.

In its official blog post, WazirX announced the termination of deposit services for USDC, USDP and TUSD. Exchange users will have until Friday, September 23, to withdraw their stablecoin balances.

After the withdrawal deadline, WazirX will automatically convert all existing balances of users in the aforementioned stablecoins into BUSD, the stablecoin developed by Binance. The platform has informed users that the 1:1 automatic conversion will take place on or before October 5th.

Binance and Minister X’s relationship

The relationship between Binance and WazirX dates back to 2019, when Binance announced the acquisition of the exchange in a deal said to be worth $10 million.

In early August, Changpeng Zhao, founder and CEO of Binance, urged WazirX users to transfer their funds to Binance following an investigation by Indian government agency officials into the exchange’s operations.

The announcement led to a short struggle between the two exchanges, which resulted in Czechoslovakia later revealed That the acquisition of WazirX was never completed.

WazirX claims the move is to “enhance liquidity and capital efficiency for users,” and could boost the value of BUSD as it looks to climb up the rankings of the stablecoin.

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