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: USDC On Solana Operating As Expected 2

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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Harold

Coincu News

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.