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The crypto trading platform cited “recent industry events” in an email to users announcing the suspension.

Singapore-based Crypto.com told users via email that it had halted withdrawals and deposits for two popular stablecoins on Solana.

Crypto.com withdrawals, deposits news updates: Citing recent industry events, crypto.com informed customers it suspended deposits and withdrawals of (CRYPTO: USDC) and (CRYPTO: USDT) on Solana (CRYPTO: SOL) blockchain. The move comes after the market went through a crypto crash following Binance (CRYPTO: BNB) announced potential acquisition of FTX exchange.

Due to increasing levels of FUD surrounding the FTX/Binance saga, Circle's CEO in a recent tweet, played down from the saga affirming that circle worked under high standards and accountability.

Stablecoins make up around 15% of all crypto. With a current global crypto market cap of $948 billion, that's $142.5 billion.

Amidst the mayhem surrounding FTX and the Binance deal, there are currently numerous rumors circulating about possible contagion effects. If the takeover by Binance does not materialize, effects similar to the demise of Celsius and Terra Luna could loom.

With the Federal Reserve attacking inflation along with other major headwinds, investors must approach cryptos carefully.

US-based peer-to-peer payments company Circle has moved some of its USD Coin (USDC) stablecoin reserves into a fund controlled by $10 trillion asset management firm BlackRock.

The goal is to minimize risks, which are ever-present even when dealing with fully collateralized stablecoins

The USDC issuer has started investing funds into its CRF (Circle Reserve Fund) to ensure that holders can redeem their coins when they want. Many crypto firms faced issues this 2022 due to the market crash.

According to the crypto firm Circle Internet Financial, the company is “deepening” its partnership with the world's largest asset manager Blackrock. Circle disclosed that it has started to transfer USDC reserves into a Blackrock-managed fund that's registered with the U.S. Securities and Exchange Commission (SEC).

According to a tweet shared on the 3rd of November, Circle's (The issuer of the stablecoin USDC) cross-chain transfer protocol will go live on Ethereum and Avalanche by the end of this year. The cross-chain transfer protocol will effectively teleport USDC from one ecosystem to another, maximizing capital efficiency and streamlining the user experience.

Circle Reserve Fund is custodied at the Bank of New York Mellon. 

The vice president at the investment and asset management firm discusses whether the stablecoin could become the “de facto” U.S. central bank digital currency.

Circle is building a new reserve with BlackRock for USDC

BlackRock will manage a portion of USDC reserves through a new money market fund that will consist of cash and short-dated U.S. treasuries. The post Circle to put a portion of USDC reserves into new BlackRock fund appeared first on The Block.

The assets backing Circle Internet Financial's USDC will finish moving into an SEC-regulated money market fund early next year.

Stablecoin Blues down over last 30 days, USD Coin down 10%

In a recent development, the stablecoin issuers Circle and Paxos have received approvals in Singapore. According to the report, the Monetary Authority of Singapore (MAS) signed the licenses for the firms.

"That's a huge signal, a super huge signal from a central bank," said one official.

Over three billion in value was erased from the stablecoin economy during the past 30 days. The trend occurred despite the number of tethers in circulation rising by 2.2% last month. On Oct. 1, 2022, tether's market capitalization was approximately $67.95 billion, and it's risen to $69.36 billion since then.

Panama-based crypto exchange Deribit halted withdrawals after hackers made off with $28 million in Bitcoin, Ethereum, and Circle's USDC.

The company says it aims to run a Polygon validator node soon.

The USDC stablecoin, which has a market capitalization of more than US$43 billion, is issued by Circle Internet Financial Ltd. in the United States.