WazirX announces delisting of TUSD, USDC and USDP

A cryptocurrency exchange in India called WazirX said that it will soon stop selling three stablecoins. The USD Coin (USDC), the Pax Dollar (USDP), and the TrueUSD are three other types of the USD (TUSD). Balances that are already in these cryptocurrencies will be automatically changed to BUSD. To be more specific, the exchange said that after September 23 at 5:00 PM IST, customers would no longer be able to withdraw USDC, USDP, and TUSD. Also, pairings for all three stablecoins on the market will end on September 26. Trade safely at https://bitcoinmadrid.io/. 

WazirX said in its announcement that users’ USDC, USDP, and TUSD balances would be changed “on or before October 5th.” This showed what the choice was. The exchange said this change was made “to help customers get liquidity and capital more easily.”

Also, Binance said recently that it doesn’t own WazirX, which is different from what it said earlier in 2019. Changpeng “CZ” Zhao, who started Binance, said on Twitter in August that “this transaction was never finished.” This was in response to a 2019 article that said Binance paid up to $10 million for WazirX.

Nischal Shetty, one of the people who started WazirX, got angry when he heard what Zhao said. One of the co-founders said that CZ and the other co-founders run Zanmai Labs, which has a license from Binance to run INR-crypto pairings on WazirX.

Stablecoins are a type of cryptocurrency whose value is tied to a fiat currency or another external asset, like the US Dollar. Many crypto traders use stablecoins to keep taking part in the ecosystem by holding on to an asset that keeps its value. You can trade them whenever you want, 24 hours a day, without going to the bank to get cash first. Bitcoin was made to be more stable than other digital currencies. As long as the backing ratio is right, the value of these tokens will never change and will always be the same.

Why do so many stablecoins move so closely with the USD?

USDT and USDC are the most common stable coins used today. On the stock market, both are worth a lot of money. Still, they are not the only ones who act this way.

Binance has its stablecoin called BUSD, and Dai, also known as DAI, is a cryptocurrency built on Ethereum and designed to only work on those networks. These currencies are worth $1, just like USDC and USDT, but that doesn’t mean you can use one instead of the other. What blockchain and apps you want to use will determine which currency you buy.

What does the USDT stand for?

In 2014, Tether Limited in Hong Kong was the first company to make USDT a bridge between cryptocurrencies and regular currencies. 

Anyone can send crypto-dollars to anyone else quickly, cheaply, and easily thanks to Tether. This means cryptocurrencies can send money overseas, pay for things, and do more. Tether did this by taking the best stuff from each world.

As soon as it was made available to the public, hundreds of cryptocurrency trading pairs started to list against USDT. Because it was the first stablecoin on the market, the token had an advantage in that market. There are now 74.7 billion USDT tokens on Bitcoin, Ethereum, EOS, Algorand, Tron, and many more essential blockchains. On cryptocurrency exchanges, you can use USDT to buy or sell hundreds of different cryptocurrencies. It is the most traded pair on the cryptocurrency market because of this. 

What does the USDC stand for?

In 2018, Coinbase and Circle worked together to make USDC a stable cryptocurrency. It always costs $1 and never goes up or down in price. It costs the same as USDT and every other token backed by USD.

The Centre Consortium takes care of the technical and financial needs of the stablecoin. It also makes sure that the true 1-to-1 backing is clear. The coin is also managed by the Center Consortium. This means that for every USDC made, $1 in US dollars and other forms of cash are kept in reserve. US Dollars and other things can be used as cash in this reserve. There is 34.6 billion USD in circulation right now, and the same amount is kept in reserve.