TRX price drops 2% as Binance ceases USDC support on Tron network
On February 21, 2024, Circle announced that it would discontinue support for USDC on the TRON blockchain. After a month of this Circle announcement, today, March 25, 2024, the world’s biggest cryptocurrency exchange, Binance, published a report that highlighted it will soon cease support for deposits and withdrawals of USDC via the Tron Network (TRC20).Binance USDC announcement
In the report, Binance cited that as of April 5, 2024, it will stop supporting deposits and withdrawals of USDC through the Tron network (TRC20). This decision follows Circle’s discontinuation of USDC support on TRC20. However, users can still trade USDC on Binance, and deposits and withdrawals through other supported networks will not be affected.Stablecoins are a form of cryptocurrency tied to the value of a fiat currency, often the U.S. dollar, and backed by a reserve of assets like cash or bonds. USDC is the second-largest stablecoin after Tether (USDT), with a market capitalization of over $32.14 billion, and the 24-hour volume has also increased by 23%, currently standing near $5.7 billion.
However, after April 5, 2024, Binance will no longer credit users’ accounts with USDC deposits via TRC20. Additionally, trading of USDC will remain unaffected on Binance. Deposits and withdrawals of USDC through other supported networks will continue without any changes.
USDC circulation on each network
Defillama data shows that $24.74 billion of USDC is circulating on the Ethereum blockchain, followed by $1.98 billion on Solana’s SOL and $676.6 million on Base. Whereas, $542.5 million and $480.29 million of USDC are circulating on BSC (BNB) and Polygon (MATIC).
Following this report on Binance, besides the overall cryptocurrency market experiencing upside momentum, Tron (TRX) experienced a downside momentum of over 2% and is currently trading near $0.11. If we look at the performance of TRX over a longer period, in the last 7 days, TRX price experienced a downside momentum of over 6.4%. Whereas, in the last 30 days, TRX experienced over 14% of downside momentum.
