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USDC Stablecoin Issuer Circle Dumps Tron Network; TRX Steady
Circle cited its “risk management” framework as part of the decision, among other factors.
Updated Mar 9, 2024, 2:15 a.m. Published Feb 21, 2024, 3:48 a.m.
- Circle is phasing out suppport for USDC on the Tron network, with minting of the stablecoin stopping immediately.
- The company said the move is to ensure "USDC remains trusted, transparent and safe."
- Some $300 million of USDC exists on Tron, compared with $22 billion on Ethereum.
Major stablecoin USD Coin (USDC) will no longer be supported on the Tron blockchain, issuer Circle said in an announcement early Wednesday.
“Circle is discontinuing support for USDC on the TRON blockchain in a phased transition. Effective immediately we will no longer mint USDC on TRON,” it said.
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Customers’ transfers of USDC to other blockchains will be supported through February 2025, while retail users and other non-Circle customers can move their USDC on TRON using exchanges.
Circle cited its risk management framework as part of the decision. “This action aligns with our efforts to ensure that USDC remains trusted, transparent and safe - characteristics that make it the leading regulated digital dollar on the internet,” it stated.
Stablecoins are a type of cryptocurrency that is pegged to a fiat currency, commonly U.S. dollars, and are supported by a basket of underlying assets, such as cash or bonds.
USDC is the second-largest stablecoin after tether with over $26 billion worth of tokens in supply.
Data shows over $22 billion of this amount exists on the Ethereum blockchain, followed by $1.4 billion on Solana and $530 million on Polygon. A relatively small $300 million in USDC exists on Tron, the data shows.
Tron's native tokens remained steady as of Asian morning hours on Wednesday, changing hands at 13 cents.
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