What is meant by "God eliminates (yamḥaq) usury"?

Imām Ibn al-Jawzī (d. 597/1201) summarized the scholars' opinions in his book "Zād al-Masīr" as follows:

1. It means that He makes it diminish until it disappears, like the word miḥāq is used for the waning of the moon. [Abū Ṣāliḥ from Ibn ʿAbbās, Saʿīd ibn Jubayr]
2. It means nullifying any charitable deeds or similar acts that arise from it. [Al-Ḍaḥḥāk from Ibn ʿAbbās]