Circle to Stop Issuing USDC on the Tron Network

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Circle, the firm responsible for the creation of the second largest stablecoin by market capitalization, USDC, has decided to stop issuing Circle USD on the Tron Network, effective immediately. The move from the firm attracted the attention of digital asset enthusiasts as well. 

As reported earlier by TheCoinRise, when it comes to stablecoin transfer volumes, Tron is ranked among the top blockchains, only surpassed by Ethereum and Solana. Notably, Solana surpassed Tron in stablecoin volume in early January. The decision from Circle came as a surprise for the crypto sector.

Circle to Stop Minting USDC on the Tron Network

Circle is set to cease the minting of USDC on the Tron Network, stating that the decision aligns with its “efforts to ensure that USDC remains trusted, transparent, and safe,” while adding, “effective immediately we will no longer mint USDC on TRON,” in a February 20 blog post. 

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The stablecoin firm is set to phase out the support for Tron in a gradual manner, as per the blog post, and it will continue the support for USDC transfers to other blockchains for its “Circle Mint” business customers until February 2025. 

Transferring USDC to an Exchange

The firm encouraged retail participants and individuals outside the Circle ecosystem to transfer their TRON-based USDC to a cryptocurrency exchange. This migration is necessary to facilitate the transition to a blockchain network that still maintains support for USDC. 

“Our decision to discontinue support for USDC on TRON is the result of an enterprise-wide approach that involved the business organization, compliance and other functions across our company. 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,” noted the firm. 

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Circle to Continue Growing USDC

Circle stated that it will continue to grow USDC and expand its operations via a post on social media platform X. The firm aims to expand the reach of its stablecoin to “additional blockchains to deliver the widest access, broadest developer choice, and most secure user experience of any dollar stablecoin in the world.”

5/ We will continue to grow USDC and expand its reach to additional blockchains to deliver the widest access, broadest developer choice, and most secure user experience of any dollar stablecoin in the world. As always, USDC remains redeemable 1:1 for US dollars.

— Circle (@circle) February 21, 2024

Expansion Plans

Like its rival Tether, the issuer of the largest stablecoin by market capitalization, USDT, Circle has also been expanding its operations aggressively. The firm teamed up with Tokyo-based financial services firm SBI Holdings to boost the presence of USDC in Japan. 

Additionally, the stablecoin firm introduced a new feature designed to simplify the process of creating Web3 applications for conventional developers.

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