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by: xpoolPosted on: April 24, 2025

Upbit Halts SNX Deposits Due to Stablecoin Concerns

Upbit has paused deposits for Synthetix Network Token (SNX) following a trading warning issued by the Digital Asset Exchange Association (DAXA). The move comes as concerns regarding the stability of sUSD, Synthetix’s stablecoin, surface, potentially impacting SNX’s role in minting sUSD. 1:1 peg issues with the stablecoin have led to regulatory scrutiny and price volatility for the protocol.

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