Circle Stops Minting USDC on Tron, to Gradually Phase Out Support
Summary:
Circle, the issuer of stablecoin USDC, has immediately ceased minting on the Tron blockchain and will phase out support for it. The firm confirmed non-Circle customers and retail users can move their TRON-based USDC to a different blockchain where USDC is supported. This decision is part of an enterprise-wide approach to enhance the trust, transparency, and safety of USDC.
The U.S. dollar-pegged stablecoin USDC, issued by Circle, will no longer maintain support on the Tron blockchain. As outlined in a blog post on February 20, the firm confirmed an immediate halt on minting USDC on TRON, followed by a slow discontinuation of support for said blockchain. The post also clarified that customers can continue transferring USDC to other blockchains via Circle Mint until February 2025.
The tweet issued clarified the transition away from support for USDC on the TRON network. The minting of USDC has stopped as of now, however, the normal operation of transfers and redemption of USDC on TRON will keep going until February 2025.
Furthermore, Circle suggested that those holding TRON-based USDC who aren't Circle customers should shift their assets to a platform that facilitates transfer to another blockchain compatible with USDC. Circle's decision to withdraw support from TRON comes as a result of an all-encompassing review, incorporating the views of the business organization, compliance, and other departments within the company. The firm emphasized that the aim of this move is to enhance the trust, transparency and safety of USDC.
Published At
2/21/2024 4:20:43 AM
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