Key Points:

• Circle discontinues the support of USDC on TRON blockchain, halting USDC minting immediately.
• The transition period until February 2025 allows Circle Mint customers to transfer USDC or exchange for fiat.
• Circle has announced its decision to discontinue support for USDC on TRON blockchain, signaling a shift away from minting the stablecoin on this particular platform.

Circle Ceases The Support of USDC on TRON Blockchain

Effective immediately, Circle will cease the minting of USDC on TRON, citing a “risk management framework” that evaluates blockchain suitability, as disclosed in a blog post on Wednesday by its operator, Circle Internet Financial Ltd.

Until February 2025, Circle Mint customers are granted a transition period to transfer their USDC holdings to alternative blockchains or exchange them directly for fiat currency via Circle. Non-Circle customers and retail USDC holders are encouraged to utilize numerous available global services, such as retail trading platforms and brokers, for similar transactions.

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Regulatory Scrutiny and Market Dynamics Surrounding Stablecoin Shift

This decision comes amidst ongoing controversies surrounding TRX, the token associated with the Tron blockchain, notably involving US fraud allegations against Justin Sun, the founder. The Securities and Exchange Commission (SEC) filed a lawsuit last year accusing Sun and his firms of market manipulation to artificially inflate TRX’s trading activity, though Sun contested these allegations as lacking merit.

While Circle did not explicitly state reasons for ending TRON support, it emphasized the continuous evaluation of blockchain platforms as part of its enterprise-wide risk management approach. This decision, according to Circle, involved collaboration across various functions within the company.

Despite the cessation of USDC on TRON, Circle remains a significant player in the stablecoin market, with USDC boasting a market capitalization of nearly $28 billion, second only to Tether.

Circle previously refuted claims of providing services to Justin Sun, clarifying that its association with the Tron network ceased in February 2023, following scrutiny over potential compromises to its integrity.