Binance Ends USDC (TRC-20) Support on Tron Network

Binance to end support for the USDC token on Tron network.

Man falling in USDC land.
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  • Binance has made a big announcement impacting USDC.
  • The announcement affects the stablecoinโ€™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 worldโ€™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 โ€œother functionsโ€ 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 Circleโ€™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 Circleโ€™s move to exit Tron.

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โ€œDeposits of USDC tokens via TRC20 will no longer be credited to usersโ€™ accounts after 2024-04-05 02:00 (UTC).โ€ 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 โ€œvia other supportedโ€ 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 Tetherโ€™s market reign:

USDC Threatens Tetherโ€™s Market Reign with Resurgent Gains

Stay updated on Changpeng Zhaoโ€™s latest project:

Ex-Binance Chief Changpeng Zhao Teases New Educational Project

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga is a crypto reporter at DailyCoin covering breaking news. Brian has minor holdings in Bitcoin and Ethereum.

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