In a recent announcement, Circle, the issuer of the popular U.S. dollar-pegged stablecoin USD Coin (USDC), revealed its decision to discontinue support for the token on the Tron blockchain. This move, according to Circle, is in line with its commitment to ensuring the trust, transparency, and safety of USDC.
Effective immediately, Circle stated in a blog post dated February 20, that it will cease minting USDC on the Tron blockchain and will gradually phase out support for the network. However, the company assured its “Circle Mint” business customers that support for USDC transfers to other blockchains will continue until February 2025.
While urging retail users and non-Circle customers to take action by transferring their TRON-based USDC to an exchange, Circle emphasized the importance of migrating to a blockchain network where USDC remains fully supported.
Despite not providing specific reasons for discontinuing support for Tron, Circle emphasized that its decision was part of a comprehensive risk management process involving various organizational functions, including business operations and compliance.
This strategic shift underscores Circle’s ongoing commitment to maintaining the integrity and reliability of USDC, as well as its dedication to adapting to the evolving landscape of blockchain technologies.
