Crypto exchange cryptocom halted Solana USDC and USDT deposits and withdrawals without explanation. skesslr reports
The email continued to say that stablecoin deposits in other ecosystems, including Ethereum and Cronos, would not be impacted.
Solana is a smart contract platform that is positioned as a competitor to Ethereum offering high speeds and low fees. It hosts a range of decentralized finance apps, but a large portion of its total supply issuffered as a result of FTX’s collapse, dropping over 40% on Wednesday at a price of $14.37. This is 92% below its price from a year ago.
Stablecoins like USDC and USDT, which stay “pegged” to the price of $1, are vital instruments in the volatile world of decentralized finance. It’s unclear why, exactly,did not immediately respond to CoinDesk’s request for comment.
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