Crypto exchange Binance halts deposits of USDT, USDC stablecoins on Solana network

Binance has temporarily suspended deposits of tether (USDT-USD) and USD Coin (USDC-USD) stablecoins on the solana (SOL-USD) blockchain, the cryptocurrency exchange said Thursday in a blog post.

It didn’t specify the reasons behind the sudden move, though it’s important to note that solana (SOL-USD) has a close connection with collapsed crypto exchange FTX. SOL tokens have dropped some 85% since the FTX chaos started over a week ago, changing hands at $13.51 at the time of writing.

At the same time, rival exchange OKX said it delisted Circle’s USDC (USDC-USD) and Tether’s USDT (USDT-USD) on solana effective November 17, according to a release.

Circle CEO Jeremy Allaire, meanwhile, reassured that USDC (USDC-USD) on solana, which is natively issued by Circle, “is functioning fine,” he wrote in a Twitter post. “Not clear what the motivations are for exchange actions, which are disappointing.”

Neither Binance nor OKX immediately responded to Seeking Alpha’s request for comments.

Update at 6:03 p.m. ET: Binance said it has resumed deposits of solana-based tether (USDT-USD) following an internal assessment and review.

Last week, (Nov. 9) paused deposits and withdrawals of USDC and USDT on the solana network.

Source : SeekingAlpha

Leave a Reply

Your email address will not be published. Required fields are marked *