Stablecoin Giant Circle Discontinues Tron Support for USDC
Circle, the creator of the USD Coin (USDC), a stablecoin pegged to the United States dollar, has announced its decision to discontinue its support for the token on the Tron blockchain.
This move, according to Circle, is in line with its commitment to maintaining the trust, transparency, and safety of USDC.
In a blog post dated February 20, Circle stated that it would cease minting USDC on the Tron blockchain immediately and gradually phase out its support for the network. However, the company clarified that it would continue to facilitate USDC transfers for its Circle Mint business customers to other blockchains until February 2025.
While urging retail users and those not affiliated with Circle to transition their Tron-based USDC to exchanges for transfer to supported blockchain networks, Circle did not provide a specific reason for terminating its Tron support. It simply mentioned that such decisions are made as part of its ongoing risk management evaluations across various blockchains.
The company emphasized that this decision was reached through a comprehensive review involving different departments within the organization, including business, compliance, and others.
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In January, Circle initiated the process to become a publicly traded company in the United States. Its USDC stablecoin currently holds a market capitalization of approximately $28 billion, making it the second-largest stablecoin after Tether (USDT), which boasts a valuation of around $98 billion.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
