The world’s largest cryptocurrency exchange Binance has announced that it temporarily suspended deposits of the stablecoins USDC and USDT on the Solana blockchain ‘until further notice’.
Moreover, many crypto exchanges have begun taking measures in the aftermath of the FTX collapse. OKX and Bybit consequently also delisted Solana-based stablecoins for deposits.
However, it has since resumed deposits for USDT on Solana. Both the stablecoin USDT and USDC are created and managed by companies Tether and Circle.
Following the news of major exchanges delisting USDC, Circle tweeted that USDC on Solana is operating as usual and there are no issues with issuing or redeeming USDC. Circle also confirmed that USDC is always redeemable for 1 for US dollars
Binance has not provided any explanation as to why it took this step. Regardless, Binance, OKX, and Bybit aren’t the only crypto exchanges to shutter withdrawals of these stablecoins.
Most recently, Crypto.com also paused the deposits and withdrawals for USDC and USDT on the Solana network.
