Circle, the company behind the USD Coin (USDC), has announced that it will no longer support the token on the Tron blockchain. This decision is part of Circle’s ongoing efforts to maintain the trust, transparency, and safety of USDC. In a recent blog post, Circle stated that it will immediately stop minting USDC on Tron and gradually phase out support for the blockchain network. However, Circle will continue to facilitate transfers of USDC for its Circle Mint business customers until February 2025. Retail users and non-Circle customers are encouraged to move their Tron-based USDC to an exchange that supports the token on another blockchain network. Circle did not provide a specific reason for discontinuing support for Tron but stated that it regularly evaluates the suitability of all blockchains as part of its risk management process. The decision to pull Tron support was made after a thorough evaluation involving various departments within Circle. Tron, on the other hand, claims that it was not notified in advance and has not received further information from Circle regarding this decision. It is worth noting that Circle filed for an initial public offering (IPO) in January and its USDC stablecoin currently has a market capitalization of nearly $28 billion.
Immediate discontinuation of USDC minting on Tron network by Circle announced