Circle Halts USDC Support on TRON Blockchain
Circle has decided to cease support for USDC on the TRON blockchain, citing enterprise-wide risk assessments.
Circle Halts USDC Support on TRON Blockchain. Image: BNN Breaking
Circle is discontinuing USDC support on the TRON blockchain and immediately halting new USDC minting services on this network.
The organization stated, "We will no longer be minting USDC on TRON, effective immediately."
However, Circle will continue to support Circle Mint customers in transitioning USDC to other blockchains until February 2025, with options available for fiat conversion.
1/ We are discontinuing USDC on the TRON blockchain in a phased transition. Effective immediately, we will no longer mint USDC on TRON. Transfers and redemptions of USDC on TRON will continue to operate normally through February 2025. Read the details: https://t.co/kw9A3ZUpWH
— Circle (@circle) February 21, 2024
The company advises individual users and other customers to proactively exchange USDC on TRON through exchanges or alternative networks.
As of now, Circle has not provided specific reasons for its decision, emphasizing it falls within the company's risk management framework. They continue to assess the suitability of all blockchains where USDC is supported.
USDC currently holds a market capitalization of approximately 28 billion USD, second only to Tether's USDT among stablecoins.
Last November, Circle announced the termination of accounts associated with TRON founder Justin Sun and related companies, distancing itself from any illegal activities on the TRON network.
Meanwhile, Justin Sun and the TRON Foundation are facing a lawsuit from the U.S. Securities and Exchange Commission (SEC) since March 2023. At that time, U.S. authorities accused TRON's founding team of unlawfully offering securities and manipulating prices. Justin Sun has denied these allegations, and the lawsuit remains unresolved.
