On April 5, Binance will cease accepting deposits and withdrawals of USDC stablecoins issued on the TRON blockchain. This decision follows a month after the withdrawal of support by the issuer, Circle, for the asset on this network.
Company representatives explained at the time that the decision was “the result of a corporate-wide approach that included business organization, compliance, and other functions.”
The exchange will continue to accept deposits and withdrawals of USDC issued on other networks.
Trading conditions for pairs denominated in the “stablecoin” will remain unchanged.
USDC is supported on 15 blockchains, including Algorand, Arbitrum, Avalanche, Base, Celo, Ethereum, Flow, Hedera, NEAR, Noble, OP Mainnet, Polkadot, Polygon PoS, Solana, and Stellar.
According to DeFi Llama, the majority of USDC (80.76%) circulates on Ethereum, followed by Solana (6.45%) and Base (2.22%). On TRON, stablecoins equivalent to $172.3 million (0.56%) have been issued, placing the network in 10th position.
Earlier, Circle announced the launch of its “stablecoin” on the Celo blockchain.
In December 2023, the issuer denied allegations of illegal financing and connections with TRON founder Justin Sun, TRON Foundation, and HTX.
A month earlier, Reuters, citing blockchain analysis experts, reported that Iran-backed militant groups were switching from Bitcoin to TRON to finance their activities.