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- Crypto exchange Binance will cease deposit and withdrawal support for TRC20-based USDC.
Crypto investors using Binance have been given 12 days to either convert, transfer or cash out their TRC20 USDC tokens from Binance.
Following Circle’s discontinuation of USDC support on the Tron network (TRC20), Binance will cease support for USDC deposits and withdrawals via TRC20 starting from 5 April 2024, 02:00 am UTC.
Users may continue trading USDC on Binance. Deposits and withdrawals of USDC via other…
— Binance (@binance) March 25, 2024
Crypto exchange Binance will cease deposit and withdrawal support for TRC-20-based USD Coin (USDC) in under two weeks.
On Feb. 20, USDC issuer Circle announced plans to discontinue support for the stablecoin over the Tron blockchain, stating that the decision aligns with “efforts to ensure that USDC remains trusted, transparent and safe.”
Circle also stopped minting USDC on Justin Sun’s Tron blockchain on the same day and said it would gradually phase out support for the blockchain network entirely.
Circle’s decision to discontinue support for USDC on Tron had a domino effect, as Binance — the crypto exchange with the highest trading volume — followed suit.
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On March 25, Binance announced its decision to cease support for Tron’s TRC-20-based USDC deposits and withdrawals from April 5.
Crypto investors using Binance have been given 12 days to convert, transfer or cash out their TRC-20 USDC tokens from Binance.
However, the exchange will continue to allow USDC trades after the deadline.
USDC deposits and withdrawals on other supported blockchains will not be affected.
The crypto community on X largely supported Binance’s decision.
However, Circle did not give a reason for stopping support for Tron, only saying it “continually assesses the suitability of all blockchains” as part of its risk management process.
TRON is a decentralized public blockchain, similar to Bitcoin and Ethereum. The community of developers for TRON maintains the network's normal operations through consensus voting.
We respect the decision of the countless developers who chose TRON to create world-class products… pic.twitter.com/cgIpoxqpii
— TRON DAO (@trondao) February 21, 2024
A Tron spokesperson said that Tron did not receive further information from Circle on why it pulled support and was not notified in advance.
Layer-1 blockchain Tron is considering a Bitcoin (BTC) layer-2 solution that would support a “wrapped” version of Tether (USDT).
“This integration will not only link Tron directly with Bitcoin but also facilitate access to over $55 billion in value to the Bitcoin network, thereby injecting financial vitality into Bitcoin,” said Sun while announcing a roadmap for Tron’s Bitcoin layer-2 solution, which aims to allow stable coins and tokens to move between Tron and Bitcoin.
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