Binance announced 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 the USDT and USDC stablecoins remain available for deposit via other blockchains.
Binance did not provide more information on the measure, adding that it 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.
OKX and ByBit have also delisted Solana-based stablecoins for deposits. OKX suspended their deposits at 3:00 am UTC on Nov. 17, while ByBit reportedly disabled such deposits as of Nov. 17 as well.
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. The total amount of Solana-based USDT stands at 1.9 billion tokens ($1.9 billion), or just about 1.3% of USDT’s total market cap.
The suspensions of Solana-based USDT and USDC have triggered even more red for SOL, with the cryptocurrency plummeting 7%.This news comes soon after Binance announced plans to remove USDC as a tradable asset from its platform. The exchange allows USDC deposits but automatically converts them to its in-house stablecoin, Binance USD.
