Binance, OKX and Bybit suspend USDT and USDC deposits on Solana
Binance crypto exchange announced on Nov. 17 that deposits of Solana-based USDT and USDC have been “temporarily suspended until further notice” on the platform.
The exchange referred to the tokens as “USDT (SOL)” and “USDC (SOL),” as USDT and USDC stablecoins remain available for deposits on Binance on other blockchains.
Binance did not provide more information on the measure, adding that Binance “reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.”
Other exchanges, including OKX and ByBit, are also among the platforms delisting Solana-based stablecoins for deposits. OKX exchange suspended the tokens’ deposits at 3:00 AM UTC on Nov. 17, while ByBit reportedly disabled such deposits as of Nov. 17 as well.
Major cryptocurrency exchanges continue to carry out measures in the aftermath of FTX collapse, now halting deposits in Solana-based Tether USDT (USDT) and USD Coin (USDC).
According to the on-chain data, the supply of Solana-USDC is 62% bigger than the supply of Solana-USDT. The total amount of USDC circulating on Solana amounts to 5 billion USDC ($5 billion), or 11% of the token’s total market capitalization at the time of writing.
The total amount of Solana-based USDT stands at 1.9 billion tokens ($1.9 billion), or just about 1.3% of the total market cap of USDT.
Related: Binance to liquidate its entire FTX Token holdings after ‘recent revelations’
Solana (SOL) is a decentralized blockchain and a cryptocurrency that has been associated with having close ties with Sam Bankman-Fried’s troubled crypto exchange FTX, as Fried was an early investor in Solana via Alameda Research. Amid the ongoing crisis of FTX, SOL has been tanking alongside
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