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Crypto exchange Binance has announced it will cease support for $USDC deposits and withdrawals via the TRC-20 standard.
In a press release on Mar. 25, crypto exchange Binance revealed that it plans to discontinue support for USD Coin ($USDC) stablecoin on the TRON network. Starting from Apr. 5 at 02:00 (UTC), the exchange will no longer support deposits and withdrawals, citing Circle’s discontinuation of $USDC support on the TRON network.
Binance noted that deposits and withdrawals of $USDC via other supported networks (e.g. Ethereum) will not be impacted. The latest move comes after $USDC issuer Circle announced earlier in February that it plans to end support for its token on TRON by February 2025, saying the efforts are made “to ensure that $USDC remains trusted, transparent and safe.”
“Our decision to discontinue support for $USDC on TRON is the result of an enterprise-wide approach that involved the business organization, compliance and other functions across our company.”
Circle
As of press time, data from usdc.cool, a platform tracking $USDC across multiple blockchains, indicates that over $172 million worth of liquidity is locked in $USDC on TRON, accounting for 0.54% of the total supply. This figure surpasses liquidity locked in other networks such as Polygon ($168 million) and Optimism ($118 million).
$USDC deposits and withdrawals via TRON - 1"> According to insights from Nansen data, Binance has allocated approximately $1.7 million in $USDC, representing about 0.01% of its token allocations on the TRON network. Meanwhile, a significant portion of Binance’s TRC-20 holdings, valued at over $13.5 billion, is allocated in Tether (USDT), constituting 98.2% of its holdings on the network.