Circle Ends Support for TRON Network
Circle, the company behind the second-largest stablecoin in the world, has announced that it will no longer support the TRON network. While new USDC tokens will no longer be minted on TRON, support for the stablecoin on this network will continue until February 2025.
Maintaining Stability and Consumer Trust
According to a blog post by Circle, users of USDC on the TRON network have a year to exchange their tokens for USDC on other networks or for regular USD. This can be done directly with Circle or through supporting exchanges. Circle’s decision to discontinue support for USDC on TRON aligns with their efforts to ensure trust, transparency, and safety for USDC.
TRON’s Legal Troubles and Exploits
TRON and its native token, TRX, are involved in SEC fraud allegations against their creator, Justin Sun. Recent exploits on the TRON network may have also influenced Circle’s decision to withdraw support. However, Circle has not provided specific reasons for their withdrawal.
Tether Remains Top Choice for TRON
Despite Circle’s exit, Tether (USDT) remains the leading stablecoin on the TRON network. A recent report showed that TRON surpassed Ethereum in terms of USDT use case and contract share on the network.
Currently, USDC’s market cap is over $28 billion, according to CoinGecko. Circle has also filed for an IPO, although details have not been disclosed.
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