Major cryptocurrency exchanges continue to handle measures as a direct consequence of FTX collapse, now halting deposits in Solana-based Tether (USDT) and USD Gold coin (USDC).
Binance announced on November. 17 that deposits of Solana-based USDT and USDC happen to be “temporarily suspended until further notice” around the platform.
The exchange known the tokens as “USDT (SOL)” and “USDC (SOL),” because the USDT and USDC stablecoins remain readily available for deposit via other blockchains.
Binance didn’t provide a lot of the measure, adding it “reserves the best in the sole discretion to amend or change or cancel this announcement anytime as well as for any reasons without prior notice.” The firm subsequently started again deposits for Solana-USDT.
Other exchanges for example OKX and ByBit also have delisted Solana-based stablecoins for deposits. OKX suspended their deposits at 3:00 am UTC on November. 17, while ByBit apparently disabled such deposits by November. 17 too.
Based on the on-chain data, the availability of Solana-USDC is 62% larger than the availability of Solana-USDT. The quantity of USDC circulating on Solana amounts to five billion USDC ($5 billion), or 11% from the token’s total market capital during the time of writing.
The quantity of Solana-based USDT stands at 1.9 billion tokens ($1.9 billion), or simply about 1.3% of USDT’s total market cap.
USDC issuer Circle subsequently required to Twitter to condition that USDC on Solana is working as always and you will find no difficulties with issuing or redeeming the stablecoin. “USDC is definitely redeemable 1 for 1 for all of us dollars. Anywhere. Whenever. Free Of Charge. Always,” the firm added.
USDC on Solana is working not surprisingly and you will find no difficulties with issuing or redeeming USDC. USDC is definitely redeemable 1 for 1 for all of us dollars.
Anywhere. Whenever. Free Of Charge. Always.— Circle (@circle) November 17, 2022
Solana is a decentralized blockchain by having an connected cryptocurrency, SOL (SOL), that’s been connected with getting partners with Mike Bankman-Fried’s troubled crypto exchange, FTX. (Bankman-Fried was an earlier investor in Solana via Alameda Research.) Among the continuing FTX crisis, SOL continues to be tanking alongside FTX Token (FTT) along with other connected coins.
Related: Binance to liquidate its entire FTX Token holdings after ‘recent revelations’
The suspensions of Solana-based USDT and USDC have triggered much more red for SOL, using the cryptocurrency plummeting 7% around the latest news. During the time of writing, SOL is buying and selling at $13.1, lower about 60% in the last thirty days, based on CoinGecko.
What is the news comes right after Binance announced intends to remove USDC like a tradable asset from the platform. The exchange enables USDC deposits but instantly converts these to its in-house stablecoin, Binance USD (BUSD).
Update 4:15 AM UTC: Binance subsequently started again deposits of Solana-USDT token on November. 17.
