Binance, a popular cryptocurrency exchange, has announced that it will no longer support the TRC-20-based USD Coin (USDC) tokens in less than two weeks. This decision comes after the USDC issuer, Circle, declared that it will discontinue its support for the stablecoin on the Tron blockchain. Circle’s move is in line with its efforts to maintain the trust, transparency, and safety of USDC. Circle ceased minting USDC on Tron and plans to gradually phase out its support for the Tron blockchain entirely.
Binance’s decision to follow suit and stop supporting TRC-20-based USDC deposits and withdrawals from Tron comes as no surprise. As the cryptocurrency exchange with the highest trading volume, Binance plays a significant role in the crypto market. Users of Binance have been given 12 days to convert, transfer, or cash out their TRC-20 USDC tokens from the exchange. The trading of USDC will still be permitted after the deadline. It’s important to note that this decision by Binance does not affect USDC deposits and withdrawals on other supported blockchains.
The crypto community largely supports Binance’s decision, considering Circle’s lack of explanation for discontinuing support for Tron. Circle merely states that it continually evaluates the suitability of all blockchains as part of its risk management process. Tron claims that it did not receive any advance notice or additional information from Circle regarding its decision.
Tron, a layer-1 blockchain network, is exploring a Bitcoin layer-2 solution that would enable the support of a wrapped version of Tether. This integration between Tron and Bitcoin aims to not only directly link the two networks but also provide access to over $55 billion in value on the Bitcoin network. Tron’s Bitcoin layer-2 solution roadmap seeks to facilitate the seamless movement of stablecoins and tokens between Tron and Bitcoin, injecting financial vitality into Bitcoin.
Binance will no longer support TRC-20-based USDC tokens on Tron, following Circle’s discontinuation of support for the stablecoin. Binance users have a limited time to perform necessary actions with their TRC-20 USDC tokens, but trading of USDC will remain available. The decision by Binance has garnered support from the crypto community. Tron is exploring a Bitcoin layer-2 solution to connect the two networks and unlock greater value and functionality for users.
Binance’s decision shows their commitment to providing a secure environment for their users. Safety is paramount!