UPDATED: March 25, 2024, 3:56 a.m. EDT
Binance will stop supporting deposits and withdrawals of USDC – a major dollar-pegged stablecoin – on the Tron blockchain on April 5.
TRC20 USDC token deposits will no longer be credited to Binance users’ accounts after 2:00 UTC on the aforementioned date, the crypto exchange said. announcement in an official blog post.
Since the change is specific only to USDC issued on the Tron blockchain, stablecoin deposits and withdrawals on other networks – such as Ethereum – will not be affected.
USDC trading on Binance will also not be affected.
Binance’s decision to remove support for TRC20 USDC comes more than a month after the stablecoin’s issuer, Circle, announced that it had immediately ended USDC minting services on Tron.
“As part of our risk management framework, Circle continually evaluates the suitability of all blockchains on which USDC is supported,” the company said at the time, explaining: “This action is part of our efforts to ensure USDC remains reliable, transparent and secure.”
Although Tron is rapidly diminishing as a home for USDC, the blockchain still holds the majority of the supply of USDT – the dominant stablecoin.
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