WazirX, India’s most popular cryptocurrency exchange, announced on September 19 that it had delisted Circle’s USDC and Paxos USDP stablecoins. This was in line with Binance’s steps.
The statement states that USDC, USDP and TUSD deposits were already suspended. Users will also have to withdraw their funds before October 05 or they will automatically convert to USD — just like Binance.
“Auto-conversion will take place on or before October 05. Users will be able withdraw USDC, USDP or TUSD from their BUSD balances after the Auto-Conversion has been completed.
Tether’s USDT will be supported.
WazirX’s Goal is “To Enhance Capital Efficiency And Liquidity”
WazirX claims that the USDC, USDP and TUSD delistings will increase liquidity and capital efficiency. This claim is identical to Binance’s recent delistings of the same stablecoins.
WazirX, like Binance, ended its statement by saying that it could also include other stablecoins. The exchange didn’t provide any further information.
It is not clear what the relationship between Binance, WazirX and Binance looks like. WazirX’s official website claims that it is affiliated to Binance. This could indicate that Binance is keen to make BUSD one the most important stablecoins within the ecosystem and increase its market capitalization (currently around $20.52B).
CryptoPotato reported that Binance CEO Changpeng Zhao (CZ), recently stated on Twitter that the exchange had not “acquired WazirX” due to payment problems. Therefore, the delisting decision should have no bearing on his company’s interest, even though Binance offers WazirX wallet services and off-chain transaction options to help users save money over network fees.
USDC losing the favor of the big players
Circle Internet Financial’s USDC stablecoin has been compared to Binance’s BUSD. It has a market capitalization close to $50 billion at the moment, which is well below that of Tether (USDT), which is $67 billion.
Jeremy Allaire (CEO and co-founder Circle) recently stated that Binance’s actions were not detrimental to USDC. However, other important investors and projects such as MakerDAO creator of DAI stablecoin are looking at delisting USDC.
As reported by Banteg, this action against USDC comes a few weeks following the US Treasury Department sanctioned Tornado Cash cryptocurrency mixer. Circle therefore automatically blocks USDC 75,000 belongings to “unsuspecting Tornado Cash users”.
Circle has frozen 75,000 USDC belonging unwitting Tornado users as well as 149 USDC donated for the project. pic.twitter.com/GBS41FtZvB
— banteg (@bantg), August 8, 2022
WazirX’s native currency WRX did not react to the news. It has traded sideways since June, fluctuating between $0.18 to $0.24 with some extraordinary peaks.
CryptoPotato’s first post, Wazirx Following in Binance’s Feet: Unlisting USDC and USDP appeared first on CryptoPotato
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.