Binance resumes USDC stablecoin withdrawals after brief halt

Binance has resumed withdrawals of dollar-pegged stablecoin USD Coin ( USDC-USD ) following a brief suspension earlier on Tuesday, the cryptocurrency exchange wrote in a Twitter post . That implies the recently conducted token swap involving USDC ( USDC-USD ) has been completed. A token swap refers to one crypto being swapped for another without using fiat currencies like the U.S. dollar. Changpeng Zhao, the firm's CEO, noted an increase in USDC ( USDC-USD ) withdrawals, taking to Twitter that Binance saw ~$1.4B net withdrawals during the session. "We have seen this before. Some days we have net withdrawals; some days we have net deposits. Business as usual for us," he said , adding that it's likely a "good idea to 'stress test withdrawals' on each CEX [centralized exchange] on a rotating basis." In November, Binance halted deposits of Tether ( USDT-USD ) and USDC stablecoins on the Solana network .