Cryptocurrency exchange Binance said on Monday it will end support for deposits and withdrawals via the Tron blockchain network for a digital stablecoin that is pegged to the U.S. dollar.

Last month, Boston-based crypto firm Circle said it would no longer mint USDC tokens on Tron, a fast-growing platform widely used for transferring stablecoins.

Stablecoins are digital tokens that are designed to keep a constant value and are backed by traditional currencies.

Users can continue trading USDC on Binance, while deposits and withdrawals of USDC via other supported networks will not be impacted, the cryptocurrency exchange said in a blog post.

  - Reuters