See More

Binance Will End Support for USDC on This Blockchain Next Week

2 mins
Updated by Ryan James
Join our Trading Community on Telegram

In Brief

  • Binance will cease USDC transactions via TRC20 network starting April 5, 2024, due to Circle's decision to discontinue USDC support.
  • USDC trading on Binance remains unaffected, but deposits and withdrawals via TRC20 will be halted.
  • Binance assures uninterrupted USDC service on other supported networks and suggests users transition to compatible exchanges.
  • promo

Binance plans to halt USDC transactions via the Tron (TRC20) network starting from April 5, 2024, at 02:00 UTC.

This move is in response to Circle’s cessation of USDC on the same network. Circle recently announced it would be discontinuing support for USDC on the Tron Blockchain.

Binance Stops USDC TRC20 Deposits and Withdrawals

Accordingly, Binance advises that post the deadline, USDC deposits through TRC20 won’t be processed. Yet, this change won’t impede USDC trading on Binance, which remains operational. Moreover, the exchange assures that USDC dealings on other networks are not impacted, promising uninterrupted service across diverse blockchains.

Furthermore, Binance stated the stablecoin will still be available for deposits and withdrawals on other blockchains:

“Deposits and withdrawals of USDC via other supported networks will not be impacted.” The announcement stated.

This strategic update reflects a larger industry-wide recalibration as major cryptocurrency firms reassess their operational frameworks to better align with evolving regulatory landscapes and market demands. Circle’s decision to phase out USDC support on the TRON network demonstrates a careful approach aimed at upholding the integrity and utility of the USDC token on more universally accepted networks.

Read More: A Guide to the Best Stablecoins in 2024

For retail users and non-Circle clients with USDC on the TRON network, the best step is to move their holdings to a suitable exchange. This ensures a seamless shift to a blockchain that supports USDC. It allows users to handle their assets well during this change.

In essence, Circle’s strategic adjustment, together with Binance’s agreement, signifies the dynamic evolution of the crypto sector. As entities like Circle and Coinbase aim for public trading status in the US, their operational choices reflect a strong commitment to regulatory compliance and market steadiness. Binance’s response to these developments highlights its commitment to offering a reliable and robust trading platform for its worldwide clientele.

Top crypto projects in the US | June 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Ryan-James.jpg
Ryan James
Ryan Boltman is a dynamic and experienced professional with a rich background in marketing management, business development, and cryptocurrency journalism. With a BCOM in Marketing Management from the University of South Africa and an Honors in Business Management, Ryan has honed his expertise across multiple countries including South Africa, the USA, and the Netherlands. His career includes significant roles in customer success, sales management, and content creation within the blockchain...
READ FULL BIO
Sponsored
Sponsored