Circle: USDC On Solana Operating As Expected

Major exchanges such as Binance, OKX, and Huobi, in turn, stopped trading USDC (SOL) without specifying the reason, causing Circle, the issuer of USDC, to speak up.

Circle says that USDC on Solana is operating as expected, and there are no issues with issuing or redeeming USDC. USDC is always redeemable 1:1 ratio for US dollars. Any amount of USDC can always be redeemed for free anytime.

Even the previous Circle CEO Jeremy Allaire, questioned this action of the exchanges, although Solana was greatly affected by the collapse of FTX. However, USDC on this blockchain is still circulating normally and without problems.

Binance also previously reopened trading with USDT (SOL) and Tether, the issuer of USDT has spoken out about the USDT backing.

Exchanges have yet to act on this statement by the USDC issuer.

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