Circle has stopped issuing USDC on the TRON network
Circle has stopped issuing USDC on the TRON network
US-based stablecoin issuer Circle has announced that it will no longer support the USDC token on the Tron blockchain.
"Effective immediately, we will no longer be minting USDC on TRON," Circle said in a post on X (Twitter).
Loading...
At the same time, the company emphasized that the process of ending support for USDC on the TRON blockchain will take place in phases until February 2025.
Until the deadline, Circle Mint clients will be able to transfer USDC to other blockchains or exchange them for fiat currency directly with Circle. USDC holders who are not Circle clients will be able to use several available global services, such as retail trading platforms and brokers, for such transactions.
According to Circle, the decision to stop minting USDC on the Tron blockchain was made as part of a risk management framework that evaluates the suitability of all blockchains for stablecoins.
"Our decision to stop supporting USDC on TRON is the result of an enterprise-wide approach that involved business organizations, compliance, and other parts of our company. This decision is consistent with our efforts to ensure that USDC remains trustworthy, transparent, and secure," the company said.
Some crypto analysts have already drawn parallels between Circle's decision to stop supporting USDC on the Tron blockchain and the ongoing controversy surrounding the TRX token, which is linked to fraud allegations against Tron founder Justin Sun in the United States.
The US Securities and Exchange Commission filed a lawsuit in 2023, accusing Justin Sun and his company of manipulating the market to artificially inflate TRX trading activity. However, Sun denied the allegations as unfounded.
Despite the denial of USDC support on the Tron blockchain, Circle confirmed, "We will continue to expand USDC's access to additional blockchains to provide the best features, widest selection of developers, and most secure user experience of any dollar stablecoin in the world."
It's worth noting that there are currently just over 28 billion USDC in circulation, down from a peak of $56 billion.
