Binance to Stop Support for TRC-20-based USD Coin Deposits and Withdrawals

Cryptocurrency exchange Binance has announced that it will no longer support deposits and withdrawals of USD Coin (USDC) based on the TRC-20 standard. This decision comes after USDC issuer Circle revealed plans to discontinue support for the stablecoin on the Tron blockchain.

Circle’s move to stop supporting USDC on the Tron blockchain prompted Binance, one of the largest crypto exchanges by trading volume, to follow suit. This decision will take effect from April 5th, giving Binance users 12 days to manage their TRC-20 USDC tokens on the platform.

Crypto Investors Given a Deadline

Binance users who hold TRC-20 USDC tokens are advised to convert, transfer, or cash out their assets before the deadline. However, trading of USDC will still be allowed on Binance after April 5th.

While support for USDC on the Tron blockchain is ending, deposits and withdrawals on other supported blockchains will continue as usual. The decision by Circle and Binance has received largely positive feedback from the crypto community.

Tron Considers Bitcoin Layer-2 Solution

Meanwhile, the Tron blockchain is exploring a layer-2 solution for Bitcoin, aiming to support a “wrapped” version of Tether. Tron founder Justin Sun believes this integration will not only connect Tron with Bitcoin but also inject financial activity worth over $55 billion into the Bitcoin network.