Crypto exchange Binance recently announced that it will no longer support USDC deposits and withdrawals via the TRC-20 standard. This decision comes after USDC issuer Circle revealed its plans to end support for its token on TRON by February 2025.

Starting from Apr. 5 at 02:00 (UTC), Binance will discontinue support for USD Coin (USDC) stablecoin on the TRON network. The exchange cited Circle’s discontinuation of USDC support on TRON as the reason for this change. However, deposits and withdrawals of USDC via other supported networks, such as Ethereum, will not be affected.

According to data from usdc.cool, over $172 million worth of liquidity is currently locked in USDC on TRON, accounting for 0.54% of the total supply. This surpasses liquidity locked in other networks like Polygon and Optimism.

Insights from Nansen data show that Binance has allocated around $1.7 million in USDC on the TRON network, representing about 0.01% of its token allocations. The majority of Binance’s TRC-20 holdings, valued at over $13.5 billion, are allocated in Tether (USDT), making up 98.2% of its holdings on the network.

This move by Binance reflects a broader effort to ensure the trust, transparency, and safety of USDC. Stay tuned for more updates on the latest developments in the cryptocurrency space on Global Crypto News.

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