The exchange follows Circle’s February decision to do the same
The cryptocurrency exchange Binance will halt deposit and withdrawal support for TRC-20-based USD Coin (USDC) tokens in less than two weeks. It’s the latest exchange to make the announcement in a month.
USDC issuer Circle announced its plans to terminate support for the stablecoin over the Tron blockchain on February 20, stating that the conclusion mirrors its “efforts to ensure that USDC remains trusted, transparent and safe.”
Circle also ceased minting USDC on Justin Sun’s Tron blockchain on the same day, saying it would slowly phase out support. That decision had a domino effect, as Binance also decided on March 25 to end support for Tron’s TRC-20-based USDC deposits and withdrawals, beginning on April 5.
Binance has given crypto investors 12 days to transfer, convert, or cash out their TRC-20 USDC tokens. However, the exchange will continue allowing USDC trades past the deadline. Other supported blockchains for USDC deposits and withdrawals won’t be impacted.
Circle didn’t give a reason for ending Tron support, only expressing that it “continually assesses the suitability of all blockchains” as part of its risk management strategy. A Tron spokesperson told Cointelegraph at the time that Tron hadn’t received additional details from Circle on why it removed support and had not been informed in advance.
Layer-1 blockchain Tron is evaluating a Bitcoin layer-2 solution that would sustain a “wrapped” version of Tether. “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 during his announcement of a framework for Tron’s Bitcoin layer-2 solution, which seeks to authorize stablecoins and tokens to transfer between Bitcoin and Tron.
