Binance will end support for the USDC stablecoin

Cryptocurrency exchange Binance said on Monday it would end support for deposits and withdrawals through the Tron blockchain network for the digital stablecoin pegged to the US dollar.

Last month, Boston-based crypto firm Circle said it would no longer mint USDC token on Tron, a fast-growing platform that is widely used to transfer stable coins.

Stablecoins are digital tokens designed to maintain stable value and are backed by traditional currencies.

Users can continue to trade USDC on Binance, while deposits and withdrawals of USDC through other supported networks will not be affected, Binance said in a statement. Blog post, opens new tab,

Tron did not immediately respond to a Reuters request for comment.

The cryptocurrency exchange said it will end support for stablecoins via the Tron blockchain effective April 5 at 2 UTC.

Justin Sun, founder of Tron, was a prominent crypto entrepreneur Sued last year by the US Securities and Exchange Commission for allegedly artificially inflating trading volumes and selling Tron tokens as an unregistered security. Sun said the SEC’s allegations “lack merit.”