Circle will stop supporting USDC on the Tron network

The initiative aims to ensure the reliability and transparency of the asset

21.02.2024 - 08:48

2 min

What’s new? Circle has announced that it is phasing out support for USDC stablecoins on the TRON blockchain. This is aimed at ensuring the reliability and transparency of the asset, according to a press release. Customers of the Circle Mint program will be able to transfer stablecoins to other blockchains until February 2025. Users who are “non-Circle customers” will be able to send their USDC to centralized exchanges (CEXs) for further withdrawal to supported protocols.

Circle’s press release

What else is known? According to the press release, Circle is continuously evaluating the suitability of all blockchains that support USDC as part of its risk management framework. The decision to stop supporting the asset on TRON is the result of an organization-wide approach that involved business organizations, compliance, and other parts of the 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,” Circle representatives said.

Circle CEO allows the possibility of passing laws to regulate stablecoins in the United States this year

Last year, the bill to regulate payment stablecoins was approved by the specialized committee of the lower house of Congress

Earlier this year, Circle announced its intention to become a publicly traded company. It filed with the US Securities and Exchange Commission (SEC) to go public through an initial public offering (IPO).

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