Binance to End Support for Tron-based USDC

Binance, a leading cryptocurrency exchange, announced its decision to discontinue support for Tron network-based USD Coin (USDC) stablecoins by April 5, as revealed in a statement on March 25.

This move follows the recent withdrawal of Circle, the issuer of USDC, from the Tron blockchain.

Users of Binance now have less than two weeks to withdraw their assets or convert them to USDC on alternative networks. However, transactions involving USDC through other supported networks, such as Ethereum, remain unaffected by this change.

The decision to terminate support for Tron-based USDC stems from Circle’s recent announcement, citing a strategic shift across various departments, including business organization and compliance. In response, Justin Sun, the founder of the Tron network, respected Circle’s decision, highlighting the decentralized nature of his blockchain network.

It’s worth noting that Circle distanced itself from Sun last year following concerns raised by international bodies like the United Nations regarding Tron’s alleged involvement in illicit financial activities.

USDC, the second-largest stablecoin by market capitalization, has witnessed rapid growth in its circulating supply since the beginning of the year, with blockchain data indicating $172 million worth of USDC on the Tron blockchain.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.