Binance to Halt TRC-20 USDC Transactions on April 5

Binance, the world's largest cryptocurrency exchange by trading volume, will discontinue deposit and withdrawal support for TRC-20-based USD Coin (USDC) tokens on April 5th. This decision follows Circle's announcement on February 20th that it would cease support for USDC on the Tron blockchain due to its efforts to ensure the stablecoin remains reliable, transparent, and secure.

Binance to Suspend TRC-20 USDC Deposits and Withdrawals

Binance, the world's largest cryptocurrency exchange by trading volume, will discontinue support for TRC-20-based USD Coin (USDC) tokens in less than two months.

On February 20, USDC issuer Circle announced its decision to cease support for the stablecoin on the Tron blockchain, citing its commitment to "ensuring that USDC remains reliable, transparent, and sound."

Circle also halted minting USDC on Justin Sun's Tron blockchain on the same day and indicated that it would gradually phase out support for the blockchain network altogether.

Binance followed suit, announcing on March 25 its decision to terminate support for Tron's TRC-20-based USDC deposits and withdrawals from April 5.

Binance users will have 12 days to convert, transfer, or withdraw their TRC-20 USDC tokens from Binance. However, the exchange will continue to allow USDC trading before the deadline.

USDC deposits and withdrawals on other supported blockchains will not be affected.

The cryptocurrency community has largely supported Binance's decision.

Circle has not provided a specific reason for halting support for Tron, stating only that it "regularly assesses the suitability of all blockchains" as part of its risk management strategy.

A Tron spokesperson told Cointelegraph that Tron had not received any additional details from Circle on why it was withdrawing support and had not been notified in advance.

Tron Explores Bitcoin Layer-2 Solution

Meanwhile, layer-1 blockchain Tron is exploring a Bitcoin (BTC) layer-2 solution that would support a "wrapped" version of Tether (USDT).

"This integration will not only link TRON closely with Bitcoin but also provide access to approximately $55 billion in value to the Bitcoin network, thereby injecting financial vitality into Bitcoin," explained Tron CEO Justin Sun while announcing a roadmap for Tron's Bitcoin layer-2 solution, which aims to allow stablecoins and tokens to move between Tron and Bitcoin.