Binance to discontinue USDC support on the Tron blockchain

Exchanges • March 25, 2024, 3:53AM EDT

Published 1 minute earlier on

UPDATED: March 25, 2024, 3:56AM EDT

Quick Take

Binance will discontinue support for USDC deposits and withdrawals on the Tron blockchain.
The crypto exchange’s decision comes more than one month after Circle announced that it immediately ended USDC minting services on Tron.

Binance will discontinue support for USDC — a prominent dollar-pegged stablecoin — deposits and withdrawals on the Tron blockchain on April 5.

Deposits of TRC20 USDC tokens will no longer be credited to Binance users' accounts after 2:00 a.m UTC on the aforementioned date, the crypto exchange announced in an official blog post.

Because the change is specific only to USDC issued on the Tron blockchain, deposits and withdrawals of the stablecoin on other networks — such as Ethereum — will not be impacted.

USDC trading on Binance will also remain unaffected.

Binance's decision to remove support for TRC20 USDC comes more than one month after the stablecoin's issuer, Circle, announced that it immediately ended USDC minting services on Tron.

“As part of our risk management framework, Circle continually assesses the suitability of all blockchains where USDC is supported,” the company said at the time, explaining: “This action aligns with our efforts to ensure that USDC remains trusted, transparent and safe."

Though Tron is rapidly decreasing as a home for USDC, the blockchain still holds the majority of the USDT — the dominant stablecoin — supply.

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Adam is the managing editor for Europe, the Middle East and Africa. He is based in central Europe and was a managing editor and podcast host at the crypto exchange OKX's former research arm, OKX Insights. Before that, he co-founded BeInCrypto.com, which he elevated into one of the leading crypto media brands at its peak as the editor-in-chief. Earlier, he served as the editor-in-chief at Bitcoinist.com. Before joining the blockchain and crypto industry, he worked for Looper.com, Grunge.com and SVG.com. He tweets via @XBT002 and can be emailed at [email protected].