Stablecoin issuer Circle is ending support for its US dollar-pegged digital coin on the Tron (TRX) blockchain.
Circle says it will stop minting USDC on the Justin Sun-founded network effective immediately, though it will continue to support transfers and redemptions until February 2025.
“Circle Mint customers may transfer USDC on TRON to other supported blockchains or redeem for fiat currency directly with Circle.
Retail holders and non-Circle customers may use the hundreds of global services available, including retail exchanges, brokerages and on/off-ramp providers, to transfer USDC to other supported blockchains or redeem for fiat currency.”
Circle says it is discontinuing support for USDC on Tron in a phased transition as part of efforts to ensure that the stablecoin remains trusted, transparent and safe.
“As part of our risk management framework, Circle continually assesses the suitability of all blockchains where USDC is supported. 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.”
In January, the United Nations Office on Drugs and Crime (UNODC) claimed that criminals in East and Southeast Asia prefer to use the top stablecoin Tether (USDT) on the Tron blockchain due to stability, ease, anonymity and low transaction fees.
Tron challenged the agency’s assessment.
“Tron fully supports the UN’s stance against malicious actors in the blockchain space. However, it is fundamentally flawed to assert that Tron, Ethereum or similar decentralized protocols may exercise direct control over those who leverage this open-source technology.”
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The post Circle Announces Plans To Phase Out Support for USDC on the Justin Sun-Founded Blockchain Tron appeared first on The Daily Hodl.
