USDC Issuer Circle Abandons TRON Network
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February 22, 2024 1:56 pm
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Circle is officially discontinuing USDC on the Tron blockchain network.
The stablecoin issuer cited compliance issues as the reason for pulling the plug on the incredibly popular stablecoin on TRON.
It’s no secret that TRON founder Justin Sun’s entities have been involved in several high-profile hacks and have been facing increased scrutiny from lawmakers and the crypto community alike.
USDC issuer Circle announced on Tuesday: “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.”
2/ Circle Mint customers may transfer USDC on TRON to other supported blockchains or redeem for fiat currency directly with Circle.
— Circle (@circle) February 21, 2024
4/ 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 (@circle) February 21, 2024
5/ We will continue to grow USDC and expand its reach to additional blockchains to deliver the widest access, broadest developer choice, and most secure user experience of any dollar stablecoin in the world. As always, USDC remains redeemable 1:1 for US dollars.
— Circle (@circle) February 21, 2024
A Circle spokesperson told Blockworks:
“This action aligns with our efforts to ensure that USDC remains trusted, transparent and safe — characteristics that make it the leading regulated digital dollar on the internet,” the Circle spokesperson said.
Mason Versluis commented: “Circle DISCONTINUES support for USDC on Tron (HOLY SHIT). They make it clear this was for compliance and risk management reasons. This is bullish for HBAR and other networks that have USDC on them, as they may get more usage.”
BREAKING: Circle DISCONTINUES support for $USDC on Tron (HOLY SHIT)
They make it clear this was for compliance and risk management reasons.
This is bullish for $HBAR and other networks that have USDC on them, as they may get more usage. pic.twitter.com/xyn6OpgLkF
— MASON VERSLUIS (@MasonVersluis) February 21, 2024
CoinDesk explained:
Data shows over $22 billion of this amount exists on the Ethereum blockchain, followed by $1.4 billion on Solana and $530 million on Polygon.
A relatively small $300 million in USDC exists on Tron, the data shows.
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