Robinhood, a platform that allows the commission-free trading of, among other instruments, cryptocurrencies, via a mobile app, has halted the depositing and trading of USDC.

Robinhood temporarily pauses depositing and trading of USDC

Reports on Mar. 11 show that the trading portal has temporarily paused the trading and depositing of USDC. The stablecoin is currently under pressure and has de-pegged versus the greenback. 

Robinhood clarified that USDC withdrawal remains open.

Trackers reveal that USDC is trading at $0.96 versus the USD, recovering after plunging to as low as $0.84 in previous sessions. Token holders are exiting to other stablecoins, including the USDT and fiat currencies. 

USDC holders in Coinbase and Binance have to wait until Mar. 13 before converting their holdings to fiat or BUSD. Coinbase said because of “heightened market activity,” they rely on bank transfers that clear during regular business hours. Binance, on the other hand, said they are monitoring the situation.

Presently, Robinhood supports the direct depositing and trading of 17 cryptocurrencies, including bitcoin (BTC), ethereum (ETH), and litecoin (LTC). USDC is also the only stablecoin listed on the exchange. 

Robinh

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Author: Dalmas Ngetich

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