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 Tron blockchain network for a digital stablecoin pegged to 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 tritional currencies.

According to a blog post by Binance, users will still be able to tre USDC on ir platform, with deposits and withdrawals via or supported networks unaffected by change.

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

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

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

(With Reuters inputs.)