Binance Temporarily Stops USDC Withdrawals As Investor Concerns Over Reserves Mount

Cryptocurrency exchange Binance announced on Tuesday that it is temporarily halting withdrawals of the stablecoin USDC (CRYPTO: USDC) while it conducts a "token swap." The decision was made as investors worry about Binance's stability in the wake of the collapse of competitor exchange FTX (CRYPTO: FTT) and charges being filed against its former CEO Sam Bankman-Fried  by the U.S. authorities.

Timeline of Usd-coin

In an unexpected move, the world's largest cryptocurrency exchange, Binance, has temporarily halted USDC (USD Coin) withdrawals. This news sent a few tremors through the crypto community but doesn't seem to be very serious according to the exchange.

Binance CEO Changpeng ‘CZ' Zhao blamed banks for the exchange delay in processing USD Coin (USDC) withdrawals in a December 13 tweet. The post Binance clarifies USDC withdrawals were due to token swap, replenishing hot wallet appeared first on CryptoSlate.

Binance CEO Changpeng ‘CZ' Zhao blamed banks for the exchange delay in processing USD Coin (USDC) withdrawals in a December 13 tweet. The post Binance clarifies USDC withdrawals were down due to token swap, replenishing hot wallet appeared first on CryptoSlate.

Some $1.6 billion on Ethereum has been withdrawn from the world's biggest crypto exchange over the past 24 hours. The post Binance CEO addresses USDC outflows: ‘feel free to withdraw any other stablecoin' appeared first on The Block.

Router Protocol, a cross-chain infrastructure platform designed to allow communication between blockchains, has integrated Circle's Cross-Chain Transfer Protocol to make the stablecoin USD Coin (USDC) interoperable. The development comes about two months since Circle unveiled its Cross-Chain Transfer Protocol to allow for its stablecoin to be used natively across blockchains.

Coinbase has waived conversion fees to try and induce customers to switch from USDT to USDC. Meanwhile, Binance has delisted USDC trading pairs and is pushing its own BUSD stablecoin.

Coinbase pushes the adoption of the digital dollar by allowing customers to seamlessly switch from USDT (USD Tether) to the popular USDC (USD Coin) with zero fees. By adopting the convention of USDT, users will be able to switch between these two stablecoins.

Coinbase (NASDAQ:COIN), the top crypto exchange in the US, has posted a statement telling customers to migrate from Tether – USDT, to USDC – the dollar-based stablecoin issued by Circle.

Coinbase is offering to convert USDT to USDC with no fees.  The firm said in a Thursday (Dec. 8) blog post that the recent turmoil in the cryptocurrency markets had seen a “flight to safety,” even from fiat-backed stablecoins, which are cryptocurrencies pegged to reserve assets like the U.S. dollar.

Coinbase, one of the largest cryptocurrency firms in the industry, has published a blog post that tells users to “switch to the trusted and reputable digital dollar,” referring to the stablecoin asset usd coin.