4 months ago 1 min read

Binance Reopened USDC Deposit Services on Solana Chain

Binance Reopened USDC Deposit Services on Solana Chain

According to the official announcement, Binance has reopened its USDC (SOL) deposit service following an internal review and review.

Previously, on November 17th, it suspended the USDC and USDT deposit business on the Solana chain until further notice, adding that they reserve the right to modify or change them in their sole discretion, or to cancel this notice, at any time and for any reason, without prior notice.

SOLANA, a cryptocurrency, has dropped nearly 5% in day trading, and the rate of decline is quickening after Binance and OKX announced the temporary suspension of USDC (SOL) and USDT (SOL) deposits.

The supply of Solana-USDC is 62% greater than the supply of Solana-USDT, according to on-chain data. The total amount of USDC circulating on Solana is 5 billion USDC ($5 billion), or 11% of the total market capitalization of the token.

The move comes after crypto.com recently suspended USDC and USDT deposits and withdrawals for Solana. This decision was based on recent industry events, according to Crypto.com.

SOL has gained more than 15% in 24 hours after receiving positive news, and is now trading at $13.11.

 SOL Price 24H Chart | Source: TradingView
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