Crypto exchange Binance has announced its plans to terminate support for USD Coin (USDC) transfers made via the Tron Network (TRC20).
According to the blog post, USDC transfers via TRC20 will be discontinued on Binance starting April 5, 2024. Without mentioning the reason behind the sudden suspension of services, Binance clarified that users can continue to trade USDC coins on the platform via other networks.
The news came just a few weeks after Circle removed USDC transfers through TRC20. In a blog post dated February 2024, Circle claimed that terminating support for the Tron Network will help keep the stablecoin transparent, safe and trusted, adding,
“Our decision to discontinue support for USDC on TRON is the result of an enterprise-wide approach that involved the business organization, compliance and other functions across our company.”
Meanwhile, Tron (TRON) has already moved on to rival stablecoin Tether (USDT). In February, Justin Sun, the founder of Tron, revealed that the Tron blockchain intends to create a Bitcoin Layer-2 solution. Recently, a spokesperson for TRON revealed that a wrapped version of USDT could be created as part of the concept phase of this solution.
