Stablecoin wars: Binance follows Circle, stops USDC minting on Tron

Binance move to disable USDC on Tron's TRC20, follows Circle's previous announcement of a phased discontinuation of USDC on Tron network.

“Following Circle’s discontinuation of USDC support on the Tron network , Binance will cease support for USDC deposits and withdrawals via TRC20 starting from 5 April 2024, 02:00 am UTC.”

The move was surprising, given that Tron is home to a massive stablecoin market. For example, Tether is worth $104B in market capitalization, and about half of that is in Tron, as per DefiLlamaand fraud last year, Circle didn’t explicitly state regulatory pressure as the reason for the discontinuation of USDC on the network.Last year, Binance disabled support for its stablecoin , citing regulatory heat. The exchange opted for a new stablecoin, First Digital USD , for replacement.

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