Do you have USDC on the Solana blockchain and want to move it to another network?
Follow the simple instructions for transferring stablecoins or other SPL tokens to the other blockchains. We’ll focus on the specific case when you want to move USDC from Solana to BNB Chain (as a BEP20 token).
You’ve got two options to transfer your crypto:
- Decentralized way – via the Multichain bridge app
- With centralized exchanges
Bridge from Solana to BNB Chain
It wasn’t simple to bridge USDC from Solana→BNB Chain until recently.
Now, Multichain support several tokens within the Solana blockchain and help you to transfer your SPL tokens comfortably.
Use the Multichain app and follow the steps:
STEP #1 – Connect your wallets on the Multichain app
First, connect the bridge application to your wallet. I recommend using Chrome extensions Phantom (Solana) and Metamask (BNB and other EVM chains).
STEP #2 – Choose the USDC token and appropriate chains
Then, choose the token you want to bridge from one blockchain to another. I’ve chosen USDC stablecoin for this matter.
STEP #3 – Confirm the transaction
Enter the number of tokens you want to bridge and proceed to final confirmation in the Phantom and Metamask wallet.
STEP #4 – Wait 15 minutes and receive the payment
Be aware of the Multichain bridging fees. The bridge app is cheap, and you don’t have to worry about overpaying.
The transfer fees and conditions for this instance are:
- Crosschain Fee is 0.00 %, Gas fee 0.9 USDC for your cross-chain transaction on destination chain
- Minimum Crosschain Amount is 10 USDC
- Maximum Crosschain Amount is 5,000,000 USDC
- Estimated Time of Crosschain Arrival is 10-30 min
- Crosschain amount larger than 1,000,000 USDC could take up to 12 hours
My transaction (100 USDC) settled within 10 minutes after my cross-chain confirmation.
The whole Multichain app process is easy to set up, and with just a few clicks, you can transfer USDC tokens from Solana to the BSC network.
Another quality bridge app is Allbridge Core – oriented on crypto stablecoins. Cross-chain transactions for USDT, USDC, and BUSD within Solana, Ethereum, BNB Chain, or Polygon network.
I’ve tried to bridge my USDC from Solana. The disadvantage is USDC wasn’t supported within the BNB Chain, so I’ve received BUSD instead. I expect this will change with more liquidity in the future and you’ll receive USDC on BSC, too.
The Allbridge Core variant is suitable for rather smaller cross-chain transactions as the fee increase significantly for large trades ($10K+).
My transaction (100 USDC) settled within 5 minutes. The bridge fee was 0.02 SOL (~$.5).
Transfer via Exchanges
The second option, the centralized one, is by using crypto exchanges.
First, choose the crypto exchange you want to use. It has to accept the token within the Solana network.
See our list of the best crypto exchanges with USDC SPL support.
KYC:
- Binance
- OKX
No KYC (no ID verification required):
- MEXC
- GATE
- Kucoin
STEP #1 – Send USDC to the centralized exchange
Submit a transaction in the Phantom wallet. Send the desired number of USDC tokens to the deposit address the exchange has generated for you.
STEP #2 – Send it to your Metamask wallet (BNB Chain)
Receive USDC tokens and send them to your Metamask wallet or the BNB Chain.
This way, you can smoothly move USDC tokens. In this case, your only fees will be the Solana network fee (close to 0 SOL) and the exchange BSC fee (should be less than $1).
You can also trade the stablecoin if you’d like to proceed with another coin.
Solana’s Reputation
After the FTX fiasco, Solana lost some credibility due to its connections to the FTX exchange and Alameda Research.
That’s the reason some people might want to move their funds from the Solana network to other trustworthy blockchains.
Even though there’s been a mess after the FTX collapse and the SOL token prize has plummeted, the Solana blockchain keeps working without issues.
Final Words
As the crypto ecosystem develops, you can easily move your stablecoins across various chains.
Worried Solana users might want to move their money off of the blockchain, so I’ve mentioned the simplest and the cheapest ways to do it. You’re not limited to bridging your tokens to BNB Chain, you can go with Ethereum, Polygon, or other popular chains, too.
You can do cross-chain transactions via decentralized applications or centralized exchanges (with or without ID verification). Both methods have pros and cons.
