Key Insights
- Binance will stop allowing deposits and withdrawals of the USDC stablecoin
- The move follows Circle’s decision to discontinue USDC support on the Tron network
- Trading of USDC itself will still be supported on Binance
LONDON (MarketsXplora) – Cryptocurrency exchange Binance said on Monday it will stop allowing deposits and withdrawals of the USD Coin (USDC) stablecoin using the Tron blockchain network from April 5, following a similar move by issuer Circle.
The world’s biggest crypto trading platform stated the change, effective from 0200 GMT on April 5, comes after Circle discontinued support for USDC on the Tron blockchain, also known as the TRC20 network.
From that time, USDC deposits sent via the TRC20 protocol will no longer be credited to Binance user accounts, the exchange said. Existing USDC balances held on Tron network deposit addresses will remain accessible for withdrawal.
Trading of USDC itself will still be supported on Binance’s platform, the exchange added, while USDC deposits and withdrawals will remain available on other blockchain networks such as Ethereum, Polygon, BNB Chain and Avalanche.
No reason was given by Binance for the suspension of TRC20 support for USDC, the second-biggest stablecoin aimed at maintaining parity with the U.S. dollar. Representatives for Binance did not immediately respond to requests for comment.
USDC is issued by Circle and a related firm with the backing of BlackRock, the world’s largest asset manager.