8 months ago
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Crypto exchange Binance has announced it will cease support for USDC deposits and withdrawals via the TRC-20 standard.
In a press release on Mar. 25, crypto exchange Binance revealed that it plans to discontinue support for USD Coin (USDC) stablecoin on the TRON network. Starting from Apr. 5 at 02:00 (UTC), the exchange will no longer support deposits and withdrawals, citing Circle’s discontinuation of USDC support on the TRON network.
Binance noted that deposits and withdrawals of USDC via other supported networks (e.g. Ethereum) will not be impacted. The latest move comes after USDC issuer Circle announced earlier in February that it plans to end support for its token on TRON by February 2025, saying the efforts are made “to ensure that USDC remains trusted, transparent and safe.”
“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.”
Circle
As of press time, data from usdc.cool, a platform tracking USDC across multiple blockchains, indicates that over $172 million worth of liquidity is locked in USDC on TRON, accounting for 0.54% of the total supply. This figure surpasses liquidity locked in other networks such as Polygon ($168 million) and Optimism ($118 million).
Binance’s allocation in TRON | Source: Nansen
According to insights from Nansen data, Binance has allocated approximately $1.7 million in USDC, representing about 0.01% of its token allocations on the TRON network. Meanwhile, a significant portion of Binance’s TRC-20 holdings, valued at over $13.5 billion, is allocated in Tether (USDT), constituting 98.2% of its holdings on the network.
