Binance Suspends Deposits of USDT and USDC Based on Solana
Binance, the biggest cryptocurrency exchange by reported trading volume has stopped deposits of Tether (USDT) and USD Coin (USDC), two stablecoins issued by Solana.
Users of the trading site will be unable to deposit tokens until further notice. This follows the delisting of the Solana-based versions of the two main stablecoins by OKX, an additional major cryptocurrency exchange.
BitMEX followed Binance’s lead by suspending deposits of the previously named tokens. The third and fourth largest cryptocurrencies by market capitalization are Tether and USD Coin, respectively.
Tether is the first stablecoin to debut on Solana in September 2020. The leading “Ethereum killer” at the time was a rather unknown blockchain. A month later, Circle’s USDC was transferred to the Solana blockchain.
The fast decline of FTX precipitated a deterioration in the Solana ecosystem as a whole. In the midst of the continuing crisis, Solana-based decentralized apps lost $700 million.
The Solana Foundation explained on November 10 that it had held $1 million in cash or currency equivalents on the defunct exchange. It cannot access these assets since they are stranded on the platform.
Solana (SOL) is trading 4% down at $13.31 a share during the past hour. From its all-time high, the native token of one of Ethereum’s most significant rivals has dropped a staggering 94.91%.