Sodiq Ganiyu
Circle, the issuer behind one of the major stablecoins in the digital currency ecosystem, USD Coin (USDC), has revealed intentions to terminate its presence on the TRON blockchain. This decision follows TRON founder Justin Sun’s recent discourse concerning TRON’s future trajectory and the incorporation of its ecosystem assets into the Bitcoin blockchain.
The discontinuation of the USDC stablecoin on TRON was formally announced by Circle, with the cessation of USDC minting on TRON taking effect as of February 21. Circle plans to phase out support gradually, immediately halting minting activities while facilitating customers’ transfer of the stablecoin to alternative blockchains until February 2025.
For retail users of USDC on TRON, the option to relocate their assets to an exchange exists, as Circle’s support is exclusively extended to institutional investors. Additionally, Circle’s customers have the option to exchange their USDC for fiat currency directly through the company, with each USDC being redeemable for one USD.
In its official statement, Circle attributes this decision to its risk management framework, which evaluates the suitability of blockchains supporting USDC. The withdrawal of support for TRON is in line with Circle’s commitment to upholding the transparency and security of its stablecoin and its user base.
Elijah Idowu
