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Binance to Halt TRC-20-Based USDC Transactions Following Circle's Decision; Tron Considers Bitcoin Layer-2 Solution

Algoine News
Summary:
Binance, the crypto exchange platform, will end deposit and withdrawal support for the TRC-20-based USD Coin (USDC) tokens following the decision by issuer Circle to discontinue support for the stablecoin on the Tron blockchain. This move, effective from April 5, gives crypto investors 12 days to convert, transfer, or liquidate their TRC-20 USDC tokens. Meanwhile, Tron, a layer-1 blockchain, is considering a Bitcoin layer-2 solution to support a "wrapped" version of Tether (USDT).
Binance, the cryptocurrency exchange, will soon end the deposit and withdrawal functions for TRC-20-based USD Coin (USDC) tokens. This decision comes in the wake of USDC's issuer, Circle, planning to halt support for the stablecoin on the Tron blockchain from February 20. The move is in line with Circle's pursuit of trust, transparency, and safety with USDC. Alongside, Circle ceased producing USDC over the blockchain network of Tron developer, Justin Sun, outlining plans for the complete transition away from the Tron network. The withdrawal of support by Circle led to a significant impact, causing Binance, the exchange topping in crypto trading volume, to follow suit. As per their announcement on March 25, Binance will stop supporting the deposits and withdrawals of TRC-20-based USDC from April 5. Consequently, crypto investors on Binance have a deadline of 12 days to either convert, transfer, or liquidate their TRC-20 USDC tokens. But the exchange will still carry on with USDC trades beyond this date. Other blockchains supporting USDC deposits and withdrawals will not see any changes. The majority of the crypto community supported this move by Binance. However, Circle did not explain why it decided to stop supporting Tron, apart from mentioning the continuous evaluation of all blockchains as part of its risk management process. A Tron representative, during a conversation with Cointelegraph, clarified that Tron did not receive detailed context from Circle about this abrupt withdrawal and wasn't informed beforehand. On another note, Tron, a layer-1 blockchain, may integrate a layer-2 solution from Bitcoin (BTC) facilitating a "wrapped" version of Tether (USDT). The integration would not merely link TRON directly with Bitcoin, but also enable access to over $55 billion in value to the Bitcoin network, thereby buoying Bitcoin with financial vitality, said Sun while unveiling a roadmap for Tron’s Bitcoin layer-2 solution, which seeks to move stablecoins and tokens between Tron and Bitcoin.

Published At

3/25/2024 12:15:55 PM

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