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- Circle has reportedly ended support for its USDC stablecoin on the Tron blockchain as part of a risk management program.
- According to a blog post, Circle will no longer support minting USDC on Tron.
- The Circle Mint customers will be permitted to transfer USDC to other blockchains until February 2025.
The USD-pegged stablecoin issuer Circle has recently announced the discontinuation of support for its USDC token on the Tron blockchain as part of a risk management program. According to Circle’s official announcement, the platform will no longer mint USDC on Tron.
On February 21, Circle took to X to declare the platform’s latest move. Circle wrote on X, “We are discontinuing USDC on the TRON blockchain in a phased transition.”
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
Reportedly, Circle’s decision stems from its dedication to keeping USDC safe and transparent. Today’s blog post stated that the action aligned with the company’s initiative “to ensure that USDC remains trusted, transparent and safe – characteristics that make it the leading regulated digital dollar on the internet.” The post added,
Our decision to discontinue support for USDC on TRON is the result of an enterprise-wide approach that involved the business organization, compliance and other functions across our company.
Circle assured that the Circle Mint customers would be permitted to transfer USDC to other blockchains until February 2025. In addition, retail customers and non-Circle customers can transfer the stablecoin to other blockchains and redeem it at crypto exchanges or brokerages.
Circle further ensured its community to broaden its services and customer experiences. The platform noted,
Our commitment to growing USDC remains steadfast. We will continue to expand USDC’s reach to additional blockchains to deliver the widest access, broadest developer choice, and most secure user experience of any dollar stablecoin in the world.
Tron founder Justin Sun, who has been under scrutiny since March 2023, didn’t comment on Circle’s move. Last year, the U.S. Securities and Exchange Commission filed a lawsuit against Sun, alleging fraudulent activities and law violations.
The post Breaking: Circle Ends Support for USDC Stablecoin on Tron appeared first on Coin Edition.