Binance will double the cost of withdrawing these 4 stablecoins


Binance, the largest cryptocurrency exchange on the market, announced this Friday (10) a more than doubling of withdrawal fees for stablecoins USDT, USDC, TUSD, and BUSD.

According to the exchange, the increase reflects a change in the Tron blockchain (TRX), called TIP-491. That is, the change in the withdrawal fees of the aforementioned coins will only affect the Tron network and Binance’s decision was not unilateral.

Going further, the main one affected by the change was Tron (TRX) itself. After all, withdrawals from him are now 15 times more expensive on Binance, and changes are also noticeable in the network itself.

Tron (TRX) Update Increases Transaction Fees

Currently the 15th largest cryptocurrency by market cap, Tron (TRX) is often used as an alternative to Ethereum (ETH) to run stablecoins. As an example, today there is US$37.130 million in USDT on Tron while on Ethereum this figure is US$30.280 million, despite all its fame and size.

There is more Tether (USDT) on Tron than Ethereum. Source: The Block

One of the main reasons for this is precisely Tron’s cheaper transaction fees compared to Ethereum. Despite this, Tron’s TIP-491 enhancement will increase network rates to prevent attacks.

“In this TIP (acronym in English for Tron Improvement Proposal), we propose a mechanism to dynamically adjust the energy consumption of a contract according to the use of resources for its execution,” says the approved proposal.

Binance Increases Withdrawal Fees for Four Stablecoins

Therefore, as Tron has increased the transaction costs of its network, the Binance exchange is adjusting the fees for withdrawing cryptocurrencies from this blockchain.

Withdrawals from Tether (USDT), USD Coin (USDC) and TrueUSD (TUSD) will now incur a fee of $2.60 per order. Previously this amount was only 1 dollar.

Withdrawal fees for the Binance USD (BUSD) stablecoin increased from $0.80 to $2.2. That is, an increase of almost three times for all of them. Stablecoin withdrawal rates on other networks are not affected, as shown in the image below.

Binance Stablecoin Withdrawal Fees.New fee for stablecoin withdrawals on the Tron network already appears on the Binance website. BEP20 and BEP2 continue as the cheapest options. Ethereum, the most expensive. Source: Binance.

Finally, the most affected is Tron (TRX) itself. According to Binance, their withdrawal fees increased 15 times, from 1 TRX to 15 TRX.

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