Binance has suspended deposits of USD Coin (USDC) and tether (USDT) on the Solana blockchain until further notice in a blow to the 2 1/2-year-old blockchain.
The announcement from the largest crypto exchange by trading volume comes after rival OKX announced it will delist both USDC and USDT on Solana, as well as cease support for their deposits or withdrawals. The exact delisting time on OKX was noted to be 3 a.m. UTC on Nov. 17.
Earlier this month, crypto exchange Bybit delisted SOL3L/USDT and SOL3S/USDT leveraged-token pairs, and converted the leveraged tokens into USDT “as a cautionary measure.” It also discontinued FTT — the exchange token of bankrupt crypto exchange FTX — on Nov. 11.
Stablecoins and tokens on Solana — as well as the blockchain’s native coin, SOL — have come under increased scrutiny following FTX’s liquidity crisis and subsequent filing for Chapter 11 bankruptcy protection on Friday. 1.9 billion USDT is authorized on Solana, with just over 5 billion USDC on the network.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://www.theblock.co/post/187970/binance-halts-solana-usdc-usdt-deposits?utm_source=rss&utm_medium=rss