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News

Circle Co-Founder Wondered Because USDC On Solana Was Suspended Deposits By Exchanges

November 17, 2022 - Around 1 mins mins to read
Jeremy Allaire, the co-founder of Circle, tweeted that USDC on Solana is natively issued by Circle and is functioning fine. Not clear what the motivations are for disappointing crypto exchange actions.
Circle Co-Founder Wondered Because USDC On Solana Was Suspended Deposits By Exchanges

As Coincu reported, major exchanges such as Binance, OKX, Bybit, BitMEX, KuCoin, and MEXC announced that they suspended deposits of USDC (SOL) and USDT (SOL).

Expressing this, the CEO of USDC issuer Circle was quite disappointed and could not explain why.

Solana is one of the largest blockchains and has a close relationship with Sam Bankman-Fried’s FTX and Alameda Research, as these companies are key investors. This caused the price of SOL to drop sharply recently.

According to the latest announcement from Binance, the exchange has resumed the deposits of USDT (SOL), but USDC (SOL) has not yet been returned.

USDT and USDC are the two stablecoins with the largest trading volume at the moment, according to CoinMarketCap.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Circle Co-Founder Wondered Because USDC On Solana Was Suspended Deposits By Exchanges

Jeremy Allaire, the co-founder of Circle, tweeted that USDC on Solana is natively issued by Circle and is functioning fine. Not clear what the motivations are for disappointing crypto exchange actions.
Circle Co-Founder Wondered Because USDC On Solana Was Suspended Deposits By Exchanges

As Coincu reported, major exchanges such as Binance, OKX, Bybit, BitMEX, KuCoin, and MEXC announced that they suspended deposits of USDC (SOL) and USDT (SOL).

Expressing this, the CEO of USDC issuer Circle was quite disappointed and could not explain why.

Solana is one of the largest blockchains and has a close relationship with Sam Bankman-Fried’s FTX and Alameda Research, as these companies are key investors. This caused the price of SOL to drop sharply recently.

According to the latest announcement from Binance, the exchange has resumed the deposits of USDT (SOL), but USDC (SOL) has not yet been returned.

USDT and USDC are the two stablecoins with the largest trading volume at the moment, according to CoinMarketCap.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

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