- Circle is evaluating the expansion of USDC to the XRP Ledger, indicating a potential increase in the stablecoin’s versatility.
- The planned withdrawal from the TRON blockchain aligns with Circle’s focus on enhancing security and trust in its digital dollar services.
Following CNF’s report, Circle has declared its intention to phase out support for USDC on the TRON blockchain by February 2025, highlighting a commitment to security and trust in its digital currency services. Concurrently, Circle is considering an extension of USDC to the XRP Ledger (XRPL), signifying an important step towards wider blockchain interoperability and enriched digital currency utility.
A tweet from a community member raised questions about the absence of USDC on XRPL. In response, Circle emphasized the potential benefits of such an expansion for various projects, including Anodos. This communication underlines the importance of exploring new platforms for USDC.
There was a discussion recently about why @circle hasn’t issued USDC on XRPL yet. So I decided to email Circle and ask them directly, mentioning also how important it is for our project Anodos to have USDC and EURC on XRPL. This is their answer. @Ripple it’s time to step in. pic.twitter.com/2xEU1XZyU1
— Panos
{X} (@panosmek) March 15, 2024
The withdrawal from TRON is a strategic move for Circle, affecting Circle Mint business customers who, until the deadline, can transfer USDC to other blockchains. This decision aligns with Circle’s strategy to ensure the security and global accessibility of its digital dollar, USDC.
For those holding USDC on TRON, Circle offers options to transfer their holdings to other blockchains or to redeem them for fiat currency through Circle. Post-February 2025, Circle Mint will no longer support transfers of USDC to external wallets.
Retail users and non-Circle customers can still access a variety of global services, including exchanges and brokerages, to transfer or redeem their USDC. The fundamental aspect of USDC, its 1:1 redeemability for US dollars, remains unchanged.
Circle’s choice to stop supporting USDC on TRON comes as part of a broader risk management strategy, focused on maintaining the integrity and trust of the digital dollar. The potential integration of USDC into XRPL could offer several advantages, including improved exposure to XRPL’s features like DEX/AMM, better interoperability, and a direct link between issuer and users.
At present, XRP’s market price stands at approximately $0.613, reflecting a 7.61% increase over the last week.
