Binance has temporarily suspended deposits of tether ( USDT-USD ) and USD Coin ( USDC-USD ) stablecoins on the solana ( SOL-USD ) blockchain, the cryptocurrency exchange said Thursday in a blog post . It didn't specify the reasons behind the sudden move, though it's important to note that solana ( SOL-USD ) has a close connection with collapsed crypto exchange FTX. SOL tokens have dropped some 85% since the FTX chaos started over a week ago, changing hands at $13.51 at the time of writing. At the same time, rival exchange OKX said it delisted Circle's USDC ( USDC-USD ) and Tether's USDT ( USDT-USD ) on solana effective November 17, according to a release . Circle CEO Jeremy Allaire, meanwhile, reassured that USDC ( USDC-USD ) on solana, which is natively issued by Circle, "is functioning fine," he wrote in a Twitter post . "Not clear what the motivations are for exchange actions, which are disappointing." Neither Binance nor OKX immediately responded to Seeking Alpha's request for comments. Last week, (Nov. 9) Crypto.com paused deposits and withdrawals of USDC and USDT on the solana network .
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