Binance, a leading cryptocurrency exchange, has decided to halt support for TRC-20-based USD Coin (USDC $1.00) tokens on the Tron blockchain. This decision comes shortly after Circle, the issuer of USDC, announced its plans to discontinue support for the stablecoin on Tron, citing efforts to maintain trust, transparency, and safety.
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Circle’s move to stop minting USDC on Tron and gradually phase out support for the blockchain network prompted Binance to follow suit. As a result, Binance announced on March 25 that it would cease support for TRC-20-based USDC deposits and withdrawals starting April 5.
Users of Binance have been given a 12-day window to convert, transfer, or cash out their TRC-20 USDC tokens from the exchange. However, trading of USDC will still be permitted on Binance even after the deadline.
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It’s important to note that USDC deposits and withdrawals on other supported blockchains will remain unaffected by these changes. While Binance’s decision was largely supported by the crypto community, Circle did not provide specific reasons for discontinuing support for Tron.
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Tron, the layer-1 blockchain, is exploring a Bitcoin layer-2 solution that would enable the seamless transfer of a “wrapped” version of Tether (USDT $1.00) on its network. This integration aims to strengthen the connection between Tron and Bitcoin, providing access to over $55 billion in value on the Bitcoin network.