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HomeNewsBinance Ceases USDC Support on Tron Blockchain

Binance Ceases USDC Support on Tron Blockchain

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  • Binance stopped supporting USDT transactions on Tron, following industry trends and regulations.
  • Binance maintains a varied ecosystem for consumers by continuing USDT trading despite this shift.

A major player in the cryptocurrency exchange market, Binance, recently announced that it will no longer be allowing deposits and withdrawals of a stablecoin connected to the US dollar via the Tron blockchain network.

This action is in line with the recent announcement by Boston-based Circle, a reputable cryptocurrency company, that it will no longer be issuing USDC tokens on Tron, a network widely recognized for its large contribution to stablecoin transactions because of its rapid transaction rates and widespread use.

Reorganizing the Stablecoin Process

The stabilization of traditional fiat currencies and the unpredictability of cryptocurrencies are mostly dependent on stable assets such as the US dollar, which stablecoins use to reduce volatility, echoing earlier coverage by ETHNews.

So, the removal of Binance’s stablecoin services from the Tron network, which is scheduled to happen on April 5 at 2 UTC, highlights a tactical change in the exchange’s stablecoin management philosophy.

In spite of this, Binance has reassured its customers that stablecoin transactions via other supported networks will not be impacted and that USDC trading will continue uninterrupted on its platform.

Meanwhile, with a $32.14 billion valuation, USDC is currently the seventh-largest cryptocurrency by market capitalization.

The State of Regulation and Its Consequences

The U.S. Securities and Exchange Commission (SEC) sued Justin Sun, the founder of Tron, as an example of the increasing regulatory scrutiny that coincides with these operational changes.

Binance likely stopped enabling stablecoin transactions on Tron due to the SEC’s suspicions of manipulated trade volumes and unregistered securities.

Improvements to Binance’s Locked Products based in Solana

In addition to updating its stablecoin approach, Binance has updated its selection of Locked Products, especially those that are built on the Solana (SOL) network. Customers of Binance are now able to commit their SOL to Locked Products thanks to this update, which also offers possible Annual Percentage Rates (APRs) of up to 8.9%.

This project is anticipated to increase the allure of Binance’s products and give customers a strong way to profit from their SOL investments.

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Syofri
Syofri
Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628
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