- Binance has made a big announcement impacting USDC.
- The announcement affects the stablecoin’s users on Tron.
- The exchange said an earlier decision by USDC issuer Circle informed the move.
Binance has decided to cease support for USDC deposits and withdrawals on the Tron blockchain starting April 5, the world’s largest crypto exchange by trading volume, on Monday.
The move comes over a month after Circle announced the end of support for its USDC stablecoin on Tron, citing compliance and “other functions” across the company. Following the announcement, Circle immediately ceased its minting services on Tron and advised users to seek alternative supported chains as it “gradually” exited the network.
Binance Follows in Circle’s Steps
In an announcement dated March 25, Binance said it would cease support for USDC deposits and withdrawals via TRC20 starting from April 5 at 02:00 UTC, citing the decision was informed by Circle’s move to exit Tron.
Sponsored
“Deposits of USDC tokens via TRC20 will no longer be credited to users’ accounts after 2024-04-05 02:00 (UTC).” The announcement read.
Per the announcement, users have 12 days to convert, transfer, or withdraw their TRC-20 USDC tokens from Binance, after which regular USDC deposits and withdrawals on the exchange will only be possible “via other supported” networks.
While the move might cause inconvenience for some users, Binance stated that it would continue to allow USDC trades past the deadline.
Meanwhile, Tron remains a dominant blockchain in the industry despite losing USDC support. Tron is the second-largest blockchain by total value locked (TVL), housing $9.688 billion as of press time, DeFiLlama data shows. This represents about 11% of the total DeFi TVL.
Read why USDC threatens Tether’s market reign:
USDC Threatens Tether’s Market Reign with Resurgent Gains
Stay updated on Changpeng Zhao’s latest project:
Ex-Binance Chief Changpeng Zhao Teases New Educational Project
