Mar 25 2024: Cryptocurrency exchange Binance announced on Monday its decision to discontinue support for deposits and withdrawals via the Tron blockchain network for the USDC digital stablecoin, which is pegged to the U.S. dollar.
This move follows a recent decision by Boston-based crypto firm Circle to halt the minting of USDC tokens on Tron, a platform known for its rapid growth and widespread use in transferring stablecoins.
Stablecoins are digital tokens designed to maintain a stable value, typically backed by traditional currencies.
Despite Binance’s decision, users will still be able to trade USDC on the platform. However, deposits and withdrawals of USDC via other supported networks will remain unaffected, as stated in a blog post by Binance.
Tron, the blockchain network in question, has not provided immediate comments in response to a Reuters request.
Binance specified that the support for USDC via the Tron blockchain will cease on April 5 at 2 UTC.
Justin Sun, the founder of Tron and a prominent figure in the crypto space, faced legal challenges last year when the U.S. Securities and Exchange Commission (SEC) sued him for allegedly inflating trading volumes and selling Tron tokens as unregistered securities. Sun has defended himself, stating that the SEC charges lack merit.
