Circle Ends USDC Support on Tron Blockchain, Prioritizing Integrity and Safety
Crypto financial services company Circle has made the decision to discontinue support for its USD Coin (USDC) on the Tron blockchain, as part of its commitment to maintaining the stability, transparency, and security of the digital dollar. Circle will no longer mint new USDC on Tron, but will continue to support transfers for Circle Mint business customers until February 2025.
A Strategic Decision in Alignment with Regulatory Standards
Circle’s choice to withdraw USDC support from Tron follows a thorough evaluation process. The company emphasized the importance of ensuring the reputation of USDC as a regulated digital currency, and this decision is part of Circle’s broader enterprise-wide approach to maintaining the integrity and trustworthiness of the stablecoin.
A Phased Transition Plan
Circle has outlined a phased transition plan for the cessation of USDC support on the Tron blockchain. Here are the key details:
– Minting of USDC on Tron has stopped immediately.
– Circle Mint business customers will still receive support for USDC transfers to other blockchains until February 2025.
– Retail users and non-Circle customers holding Tron-based USDC are encouraged to transfer their holdings to exchanges supporting USDC on alternative blockchain networks.
Background and Market Impact
As the eighth-largest cryptocurrency by market capitalization, USDC holds a significant position in the stablecoin market. Tron currently hosts USDC valued at $335 million. Circle’s decision comes during its filing for public listing in the US and amid allegations connecting its services to Tron founder Justin Sun. Circle has clarified that it stopped providing services to Tron in February 2023.
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