Binance, a leading cryptocurrency exchange, has declared its decision to cease support for USDC (USD Coin) deposits and withdrawals on the Tron blockchain effective April 5.
In an official blog post, Binance announced that deposits of TRC20 USDC tokens will no longer be credited to users’ accounts after 2:00 a.m UTC on April 5. However, it’s important to note that this change specifically pertains to USDC issued on the Tron blockchain. Deposits and withdrawals of USDC on other networks, such as Ethereum, will remain unaffected by this decision.
The decision to discontinue support for TRC20 USDC comes in the wake of an announcement by Circle, the issuer of USDC, over one month ago. Circle revealed that it would immediately cease USDC minting services on Tron as part of its risk management framework, aiming to maintain the trust, transparency, and safety of USDC.
Despite the decline of Tron as a platform for USDC, it’s worth noting that the blockchain still hosts the majority of USDT (Tether) supply, the dominant stablecoin in the cryptocurrency market.
Binance emphasized that USDC trading on its platform will continue without interruption, reassuring users that only TRC20 USDC deposits and withdrawals will be affected by the discontinuation of support.