Binance ceases support for USDC Stablecoin on Tron Blockchain Network

Binance USDC support end: Cryptocurrency exchange Binance announced on Monday its decision to discontinue support for deposits and withdrawals via the Tron blockchain network for a digital stablecoin pegged to the US dollar.

Last month, Boston-based crypto firm Circle announced its discontinuation of USDC token minting on Tron, a rapidly expanding platform widely utilised for stablecoin transfers.

Stablecoins, digital tokens engineered to maintain a stable value, are backed by traditional currencies.

According to a blog post by Binance, users will still be able to trade USDC on their platform, with deposits and withdrawals via other supported networks unaffected by the change.

Tron, the blockchain network in question, has yet to respond to Reuters' request for comment on the matter.

Binance outlined that it will halt support for the stablecoin via the Tron blockchain, effective April 5 at 2 UTC.

Tron's founder, Justin Sun, a prominent figure in the cryptocurrency space, faced legal action from the US Securities and Exchange Commission (SEC) last year. The SEC alleged Sun of artificially inflating trading volumes and selling Tron tokens as an unregistered security. Sun has vehemently denied these accusations, stating that the SEC charges "lack merit."

(With Reuters inputs.)