Movement Alert｜Circle Intraday Decline 5.08%, OKX Suspends USDC Services on Solana Sparking Liquidity Concerns

Market Focus00:37

On July 13, Circle Internet Corp. fell 5.08% in regular trading, trading at $62.815/share, with turnover of $498 million. The decline came after major cryptocurrency exchange OKX announced it would suspend USDC deposits and withdrawals on the Solana network starting July 14 for wallet maintenance.

USDC is Circle's flagship dollar-pegged stablecoin with a circulation exceeding $73 billion, and Solana is one of its key settlement networks. The service suspension raised short-term concerns over USDC liquidity and Circle's operational stability. Adding to the pressure, the broader stablecoin market has seen its total capitalization shrink by approximately $10 billion from May highs, with USDC experiencing outflows of $6.6 billion over the past quarter — the largest among all stablecoins.

The decline partially reverses gains from prior sessions, where Circle had rallied over 7% on July 10 after receiving OCC approval to establish Circle National Trust, a national trust bank under direct federal oversight. That milestone had briefly lifted sentiment, but the OKX disruption reignited near-term uncertainty around network-level dependencies for USDC distribution.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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