Circle, the issuer of USD Coin, has announced the discontinuation of support for the stablecoin on the Tron blockchain. This decision, according to Circle, is in line with their commitment to maintaining trust, transparency, and safety for USDC.
As of February 20, Circle stated that they will cease minting USDC on the Tron network with immediate effect. They also revealed plans to gradually phase out support for Tron in the future.
While Circle Mint customers can still transfer USDC on Tron to other blockchains until February 2025, retail users and non-Circle customers are urged to move their Tron-based USDC to exchanges supporting the stablecoin.
Although Circle did not provide specific reasons for ending Tron support, they mentioned ongoing evaluations of blockchain suitability as part of their risk management process.
The move to pull Tron support was described as an enterprise-wide decision involving various functions within Circle, including business organization and compliance.
Circle’s decision comes amid its filing to go public in the U.S. and the substantial market presence of USDC, the second-largest stablecoin after Tether. Notably, Circle had previously refuted claims of providing services to Tron founder Justin Sun amidst ethical concerns raised by advocacy groups.
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