Binance Drops USDC on Tron, Echoing Circle’s Recent Move

  • Binance announces the end of deposit and withdrawal services for USDC tokens on the Tron blockchain, following Circle's decision to cease support for the stablecoin on this network.
  •  Circle aims to maintain USDC's status as a trusted, transparent, and secure currency, stopping minting on Tron without providing a detailed reason but citing ongoing blockchain suitability assessments.
  •  Tron explores a layer-2 solution with Bitcoin, aiming to facilitate the movement of stablecoins and tokens between Tron and Bitcoin, potentially enhancing Bitcoin's financial ecosystem.

In a significant move affecting cryptocurrency users in South Africa, Binance, a leading crypto exchange, announced it will halt the deposit and withdrawal services for USD Coin (USDC) tokens based on the TRC-20 protocol on the Tron blockchain. This decision is set to take effect in less than two weeks, closely following the footsteps of USDC issuer Circle, which recently declared its intention to discontinue support for its stablecoin on the Tron network.

Circle’s announcement on February 20 marked a pivotal shift in its operations, emphasizing the company’s dedication to maintaining USDC as a trusted, transparent, and secure digital currency. The cessation of USDC minting on Tron by Circle on the same day it announced its decision underscores a strategic withdrawal from the blockchain, aiming to phase out its involvement with the network completely. Despite this change, USDC operations on other supported blockchains will remain unaffected, a move that has garnered widespread backing from the crypto community, particularly on the social platform X.

The reason behind Circle’s decision to end support for Tron was not explicitly stated, other than a vague reference to ongoing blockchain suitability assessments as part of its risk management strategy. Tron representatives expressed their surprise at the decision, noting the lack of prior notification or detailed explanation from Circle.

As Tron faces these challenges, it is also exploring innovative blockchain solutions, such as a layer-2 integration with Bitcoin that would support a “wrapped” version of Tether (USDT). This development, as highlighted by Tron’s founder, Justin Sun, is aimed at bridging the gap between Tron and Bitcoin, potentially unlocking access to over $55 billion in value for the Bitcoin network.

Sun’s announcement of a roadmap for Tron’s Bitcoin layer-2 solution focuses on facilitating the movement of stablecoins and tokens across the two platforms, heralding a new era of financial interoperability and vitality for Bitcoin.

For South African crypto enthusiasts and investors, these developments underscore the dynamic and evolving nature of the global cryptocurrency landscape, reflecting the continuous assessment and realignment of blockchain technologies and partnerships to better serve the market’s needs.

Quick Poll



South Africa’s primary source of financial tools and information

Contact Us


Rateweb strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

Rateweb is not a financial service provider and should in no way be seen as one. In compiling the articles for our website due caution was exercised in an attempt to gather information from reliable and accurate sources. The articles are of a general nature and do not purport to offer specialised and or personalised financial or investment advice. Neither the author, nor the publisher, will accept any responsibility for losses, omissions, errors, fortunes or misfortunes that may be suffered by any person that acts or refrains from acting as a result of these articles.