Binance, a prominent cryptocurrency exchange, has announced its decision to discontinue support for the USD-pegged stablecoin USDC on the Tron blockchain network. Effective April 5, users will no longer be able to deposit or withdraw TRC-20-based USDC tokens on Binance.
Investors are given a 12-day window to convert, transfer, or cash out their TRC-20 USDC holdings from Binance. However, trading of USDC on the platform will still be available, and deposits and withdrawals through other supported networks will remain unaffected.
This decision by Binance mirrors a similar move by Circle, a Boston-based crypto firm, which halted the creation of USDC tokens on the Tron blockchain. Circle emphasized the importance of transparency, trustworthiness, and safety in their decision-making process.
Tron, led by Justin Sun, has yet to respond to Reuters' request for comment regarding Binance's decision. Last year, Sun faced legal action from the U.S. Securities and Exchange Commission (SEC), which accused him of violating securities laws. Sun refuted these allegations.
The circulating supply of USDC is approximately $32.1 billion, making it the seventh largest cryptocurrency and the second largest stablecoin after Tether. Most USDC tokens are based on the Ethereum blockchain.
Source: Coinmarketcap
In other developments, Tether's USDT recently surpassed a market capitalization of $100 billion. Despite its success, concerns persist regarding the quality of assets backing USDT, particularly in light of a United Nations report linking Tron to cyber fraud and money laundering activities in Southeast Asia. Tether has refuted these claims, highlighting its collaboration with law enforcement agencies and its token traceability.
As the crypto landscape evolves, regulatory scrutiny and market dynamics continue to shape the future of stablecoins and blockchain networks. Investors are advised to exercise caution and conduct thorough research before making investment decisions.
Besides raising red flags on the stability of the stablecoin market, Deutsche Bank's research analysts expressed particular concern about Tether's prominent position in the stablecoin market, highlighting issues such as speculation and a perceived lack of transparency.
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