Circle to Cease USDC Support on TRON Network

Circle has announced a phased discontinuation of support for its dollar-pegged stablecoin USDC on the TRON blockchain.

1/ We are discontinuing USDC on the TRON blockchain in a phased transition. Effective immediately, we will no longer mint USDC on TRON. Transfers and redemptions of USDC on TRON will continue to operate normally through February 2025. Read the details: https://t.co/kw9A3ZUpWH

— Circle (@circle) February 21, 2024

“Effective immediately, we will no longer mint USDC on TRON,” the statement reads. 

The firm plans to support transfers of the stablecoin for its business clients, Circle Mint, to other blockchains until February 2025.

Ordinary users who are “not Circle customers” will be able to send their USDC to centralized exchanges for withdrawal to supported protocols. 

Circle did not specify the reason for ending support for TRON, merely stating that it “constantly evaluates the suitability of all blockchains” as part of its risk management process.

According to the issuer’s representatives, the decision was “the result of a corporate-wide approach that included business organization, compliance, and other functions.”

USDC is the second-largest stablecoin after Tether’s USDT, with a capitalization exceeding $28 billion. According to DeFi Llama, about 1.17% of the total supply of the asset is on TRON at the time of writing.

The majority of USDC (81.98%) circulates on Ethereum, followed by Solana (5.22%) and Polygon (1.97%).

Earlier, Circle announced the launch of its stablecoin on the Celo blockchain. 

In January, Circle Internet Financial confidentially filed for an IPO in the United States as part of its plan to become a public company.