Binance Ceases Support for USDC on Tron Network Following Circle's Decision

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by Alisa Davidson

Published: March 25, 2024 at 4:02 am Updated: March 25, 2024 at 4:06 am

by Anastasiia Osipova

Edited and fact-checked:
March 25, 2024 at 4:02 am

In Brief

Binance will cease supporting the deposits and withdrawals of USDC tokens on the Tron Network starting April 5th.

Cryptocurrency exchange Binance announced its decision to discontinue support for the deposits and withdrawals of USDC tokens on Tron Network (TRC-20) starting at 02:00 UTC on April 5th. This move comes following the decision of the payments technology company overseeing the stablecoin USDC Circle to cease its support for the USDC token on Tron Network.

According to the announcement, starting on April 5th, deposits of USDC tokens via TRC-20 will cease to be credited to users’ accounts. However, users will still be able to trade USDC on Binance, while deposits and withdrawals of USDC via other supported networks will remain unaffected.

Following Circle’s discontinuation of USDC support on the Tron network (TRC20), Binance will cease support for USDC deposits and withdrawals via TRC20 starting from 5 April 2024, 02:00 am UTC.

Users may continue trading USDC on Binance. Deposits and withdrawals of USDC via other…

— Binance (@binance) March 25, 2024

Circle has discontinued its support for the Tron Network and ceased USDC minting blockchain services with immediate effect in February.

“As part of our risk management framework, Circle consistently evaluates the suitability of all blockchains that support USDC,” said Circle. “This action aligns with our efforts to ensure that USDC remains trusted, transparent, and safe,” the company added.

The decision to discontinue support for Tron Network followed an “enterprise-wide approach,” which involved various functions within the business organization, including compliance.

Tron Network Eyes Global Leadership in Decentralized Finance Landscape

Tron Network is a decentralized blockchain that incorporates smart contract functionality and utilizes proof-of-stake (PoS) principles as its consensus algorithm. It also features a native cryptocurrency, Tronix (TRX).

Currently, Tron Network has a user base of over 220 million, with transaction volumes exceeding 7.34 billion and a total lock-up volume (TVL) surpassing $23.9 billion. Significant attention should be given to the prevalence of Tron Network‘s version of the USDT stablecoin, which has exceeded the circulation of its Ethereum counterpart since April 2021.

Recently, Justin Sun, the founder of Tron Network, expressed the platform’s overarching ambition as a decentralized blockchain protocol: to establish itself as a leading decentralized financial protocol globally. Justin Sun emphasized the significant role of decentralization in shaping the future of finance, asserting that a decentralized world requires decentralized currency.

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About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

Alisa Davidson