Immediate Discontinuation: Circle Halts USDC Minting on Tron Network

Circle, the company behind the USD Coin (USDC), has announced that it will no longer support the token on the Tron blockchain. In a blog post, Circle stated that the decision was made to ensure the continued trust, transparency, and safety of USDC. The company will no longer mint USDC on Tron, and support for the blockchain network will be phased out gradually. However, Circle will still allow its Circle Mint business customers to transfer USDC to other blockchains until February 2025. Retail users and non-Circle customers are advised to move their Tron-based USDC to an exchange that supports the token. Circle did not provide a specific reason for discontinuing support for Tron but stated that it regularly evaluates the suitability of all blockchains as part of its risk management process. The decision to pull Tron support was made following a comprehensive assessment involving various departments within Circle. Tron has stated that it has not received any further information from Circle regarding the decision and was not notified in advance. Circle’s USDC stablecoin is the second-largest in terms of market capitalization, after Tether. In January, Circle filed for an initial public offering in the United States. In November 2023, Circle denied allegations that it provided services to Tron founder Justin Sun, following claims by an ethics group that the company was compromised by its integration with the Tron network. The Tron Foundation and Sun were sued by the U.S. Securities and Exchange Commission in March 2023, but Sun denies the allegations.