Binance To Terminate USDC Support on Tron Network TRC20

Binance, a prominent cryptocurrency exchange, has announced the discontinuation of support for deposits and withdrawals of USD Coin (USDC) tokens based on the TRC-20 protocol from the Tron blockchain, effective April 5.

This decision aligns with an earlier announcement made on February 20 by Circle, the issuer of USDC, regarding the cessation of support for the stablecoin on the Tron network.

Circle’s decision to withdraw support for Tron’s blockchain is part of a broader strategy aimed at ensuring the reliability, transparency, and security of USD Coin (USDC). In addition to halting support, Circle also ceased minting USDC on Tron’s blockchain, signaling a complete phase-out from the network.

The impact of Circle’s move extends to Binance, a key player in the cryptocurrency market due to its significant trading volume. Binance announced the cessation of support for TRC-20 USDC on March 25, providing users with a 12-day window to manage their assets accordingly. While deposits and withdrawals of TRC-20 USDC will no longer be facilitated, Binance will continue to support USDC trading activities.

It’s worth noting that this change will not affect USDC transactions on other blockchains supported by Binance. The decision has received positive feedback within the crypto community on social media platform X.

Circle has not provided specific reasons for withdrawing support for Tron, citing only ongoing evaluation of blockchain platforms within its risk management strategy. In response to the announcement, a Tron representative expressed surprise, stating that the blockchain was not informed of the decision beforehand.

Amidst these developments, Tron is exploring innovative approaches to maintain relevance and utility within the cryptocurrency ecosystem. Tron’s founder, Justin Sun, has revealed plans to implement a Bitcoin layer-2 solution to introduce a “wrapped” version of Tether to the network. This initiative aims to bridge Tron with Bitcoin, potentially unlocking access to over $55 billion in Bitcoin network value.

Sun’s announcement outlines a roadmap for integrating stablecoins and tokens between Tron and Bitcoin, which could significantly enhance Bitcoin’s financial ecosystem.

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