Binance, the famous crypto-exchange, has announced that it will cease support for Circle’s stablecoin, USD Coin (USDC) but only in its TRC20 format, which is based on the Tron blockchain.
Binance ceases support for Tron-based USDC (TRC20)
Binance, the famous crypto-exchange, has announced that it is discontinuing support for the USDC stablecoin based on the Tron blockchain.
Basically, Circle’s stablecoin, USD Coin, in its TRC20 format, will no longer be available for deposits and withdrawals on the crypto-exchange starting from April 5, 2024.
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
“Following the discontinuation of USDC support on the Tron network (TRC20) by Circle, Binance will cease support for USDC deposits and withdrawals via TRC20 starting from April 5, 2024, at 02:00 UTC. Users can continue to trade USDC on Binance. Deposits and withdrawals of USDC via other supported networks will not be affected.”
This means that users holding USDC on the Tron blockchain will need to take action to avoid some losses by April 5th.
Binance then stated that the USDC stablecoin based on other blockchains will not be affected by this decision.
Binance and the discontinuation of support for USDC on the Tron blockchain from April 5th
The decision of the crypto-exchange Binance to stop support for USDC on the Tron blockchain is in line with the statements released by Circle last month.
And indeed, the issuing company of USDC had stated that they would cease support for their stablecoin on the Tron blockchain, as part of the group’s risk strategy adjustment.
Already at that moment, TRC20 version stablecoin holders have the opportunity to make an official redeem until February 2025, in order to redeem fiat currency or use other cryptocurrencies.
The fact that it was Circle itself to take this direction had raised suspicions in the crypto community, as if they wanted to launch their own native network in the future. Something that has not happened yet.
Anyway, all these stances will lead many users to abandon the use of USDC on the Tron blockchain.
Tron’s delisting from Binance.US and the price of TRX
Exactly one year ago, Binance.US had announced the delisting of Tron (TRX) because it does not meet the high standards of the crypto exchange.
The announcement included the removal of TRX staking first and then the official delisting of the cryptocurrency for trading, deposits, and withdrawals.
Despite these cancellations of both TRX and the USDC stablecoin on the Tron blockchain, Justin Sun’s crypto continues to be among the top in the rankings.
Tron is in 15th place with a market cap of 10.4 billion dollars. In the last year, the price of TRX has recorded a pump of +86%, and has reached its annual high of $0.14 in the last crypto bull run at the end of February.
At the time of writing, TRX is worth $0.11, down -5% in the last seven days.