USDC issuer Circle has decided to discontinue support for the stablecoin on the Tron blockchain, according to an announcement made by the company. Circle stated that it will no longer mint USDC on Tron, effective immediately, but will support transfers of USDC from Tron to other blockchains until February 2025. Retail users can move their USDC on Tron to exchanges where it can be transferred to USDC-supported blockchains. The decision to discontinue support for USDC on Tron aligns with Circle’s efforts to maintain trust, transparency, and safety. Tron founder Justin Sun expressed that they are trying to understand the situation and view it as a unilateral commercial decision by Circle.
The discontinuation of USDC on Tron does not seem to have affected the price of Tron’s TRX token, which is currently trading at $0.1392. In March 2023, Sun faced legal troubles when he was charged by the U.S. Securities and Exchange Commission (SEC) with market manipulation and fraud. The SEC accused Sun of manipulating the price of TRX and BitTorrent’s BTT token, alleging that both tokens are unregistered securities. Sun denied the charges and criticized the regulator’s actions against prominent figures in the blockchain and crypto space.
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