Binance, a prominent crypto exchange, has announced its decision to discontinue support for USDC deposits and withdrawals through the TRC-20 standard.

In a press release issued on March 25, Binance disclosed its plan to cease support for the USD Coin (USDC) stablecoin on the TRON network. Effective from April 5 at 02:00 (UTC), the exchange will cease supporting deposits and withdrawals, citing Circle's decision to discontinue USDC support on the TRON network.

Binance clarified that USDC deposits and withdrawals through other supported networks, such as Ethereum, will remain unaffected. This decision follows Circle's announcement in February that it intends to end support for USDC on TRON by February 2025, emphasizing the importance of maintaining USDC's trustworthiness, transparency, and security.

Circle stated, "Our decision to discontinue support for USDC on TRON is the result of an enterprise-wide approach that involved the business organization, compliance, and other functions across our company."

As of the latest data available, usdc.cool, a platform tracking USDC across various blockchains, shows that there is over $172 million worth of liquidity locked in USDC on TRON, accounting for 0.54% of the total supply. This amount exceeds liquidity locked in other networks like Polygon ($168 million) and Optimism ($118 million).

Insights from Nansen data indicate that Binance holds approximately $1.7 million worth of USDC on the TRON network, representing about 0.01% of its token allocations. However, a significant portion of Binance's TRC-20 holdings, valued at over $13.5 billion, is in Tether (USDT), constituting 98.2% of its holdings on the network.