Circle Company announced on the phasing out of support for the dollar-pegged stablecoin USDC on the Tron blockchain.
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1/ 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. Read the details: https://t.co/kw9A3ZUpWH
— Circle (@circle) February 21, 2024
“From now on, we will no longer mint USDC on Tron,” the post reads.
The firm intends to support transfers of its Circle Mint business clients’ stablecoin to other blockchains until February 2025.
Ordinary users who are “not Circle clients” will be able to send their USDC to centralized exchanges for further withdrawal to supported protocols.
Circle did not give a reason for ending support for Tron, only saying that it “continuously evaluates the suitability of all blockchains” as part of its risk management process.
The issuer said the decision was “the result of a company-wide approach that included business organization, compliance and other functions.”
USDC is the second largest stablecoin after USDT from Tether with a capitalization of more than $28 billion. According to DeFi Callat the time of writing, Tron holds about 1.17% of the asset’s total supply.
The majority of USDC (81.98%) circulates on Ethereum, followed by Solana (5.22%) and Polygon (1.97%).
Circle previously announced the release of its “stable coin” on the Celo blockchain.
In January, Circle Internet Financial confidentially filed for an initial public offering in the United States as part of its plan to go public.
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2024-02-21 07:49:07
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