2 years ago
India’s largest crypto speech WazirX has announced that it’ll halt supporting USDC, USDP, and TUSD connected Sept. 26 to “enhance liquidity and superior efficiency.”
According to the announcement, the speech volition proceed to enactment withdrawals of USDC, USDP, and TUSD until Sept. 23 and de-list these currencies and their spot marketplace pairs astatine 06:30 AM UTC connected Sept. 26. The announcement states:
“To heighten liquidity and superior ratio for users, WazirX volition instrumentality BUSD Auto-Conversion for users’ existing balances of USDC, USDP, and TUSD stablecoins astatine a 1:1 ratio.”
Users that inactive clasp immoderate of these 3 currencies until the fixed deadlines, their holdings volition beryllium automatically converted to BUSD.
Following Binance
WazirX is pursuing the footsteps of the speech elephantine Binance, who announced that it won’t enactment the coins successful question starting connected Sept. 29.
Binance clarified that it is not de-listing UDSC, TUSD, and USDP. The speech is lone removing the quality for these assets to beryllium traded. Any users who inactive clasp the coins successful question volition find their balances converted to BUSD connected Sept. 29. However, users volition inactive beryllium capable to deposit oregon retreat USDC, TUSD, oregon USDP pursuing the changes.
What’s the purpose?
Both exchanges assertion that the elimination of these coins volition heighten liquidity and superior ratio for the users. Binance CEO Changpeng Zhao tweeted astir the determination to restrict USDC and others and said:
Not delist. You tin inactive deposit and retreat USDC. Just merging each liquidity into 1 pair. Best price, lowest slippage for users.
— CZ 
Binance (@cz_binance) September 5, 2022
USDC losing popularity
CryptoSlate research recently revealed that USDT and USDC speech balances person been going successful other directions.
After the Terra Luna illness connected May 9, USDC and USDT grew to compensate for astir 80% of the stablecoin market. However, wrong 3 months, USDT surpassed USDC.
USDC’s engagement successful the Tornado Cash (TORN) sanctions became a focal constituent successful the stablecoin battle. As soon arsenic the Tornado Cash sanctions were announced, USDC’s issuing institution Circle started to artifact each wallets linked to the mixer.
The Tornado Cash prohibition attracted ample disapproval from the community, arsenic did Circle’s contiguous compliance with the sanctions. USDC subsequently fell further against the USDT.
According to the CryptoSlate analysis, the USDT equilibrium held connected exchanges doubled successful the past twelvemonth and reached $17.7 billion. In the meantime, USDC’s fell by 70% to scope $2.1 cardinal from the $7 cardinal from a twelvemonth ago.
The station Largest Indian speech WazirX to delist USDC spot pairs, Sept. 26 appeared archetypal connected CryptoSlate.
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