Bitcoin
Bitcoin (BTC)
$57,888.00 1.01025
Bitcoin price
Ethereum
Ethereum (ETH)
$3,136.35 1.10949
Ethereum price
BNB
BNB (BNB)
$533.97 1.70995
BNB price
Solana
Solana (SOL)
$139.21 2.36443
Solana price
XRP
XRP (XRP)
$0.4748560 5.83917
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000165 1.48857
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000087 -1.97869
Pepe price
Bonk
Bonk (BONK)
$0.0000227 -2.94743
Bonk price
Bitcoin
Bitcoin (BTC)
$57,888.00 1.01025
Bitcoin price
Ethereum
Ethereum (ETH)
$3,136.35 1.10949
Ethereum price
BNB
BNB (BNB)
$533.97 1.70995
BNB price
Solana
Solana (SOL)
$139.21 2.36443
Solana price
XRP
XRP (XRP)
$0.4748560 5.83917
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000165 1.48857
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000087 -1.97869
Pepe price
Bonk
Bonk (BONK)
$0.0000227 -2.94743
Bonk price
Bitcoin
Bitcoin (BTC)
$57,888.00 1.01025
Bitcoin price
Ethereum
Ethereum (ETH)
$3,136.35 1.10949
Ethereum price
BNB
BNB (BNB)
$533.97 1.70995
BNB price
Solana
Solana (SOL)
$139.21 2.36443
Solana price
XRP
XRP (XRP)
$0.4748560 5.83917
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000165 1.48857
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000087 -1.97869
Pepe price
Bonk
Bonk (BONK)
$0.0000227 -2.94743
Bonk price
Bitcoin
Bitcoin (BTC)
$57,888.00 1.01025
Bitcoin price
Ethereum
Ethereum (ETH)
$3,136.35 1.10949
Ethereum price
BNB
BNB (BNB)
$533.97 1.70995
BNB price
Solana
Solana (SOL)
$139.21 2.36443
Solana price
XRP
XRP (XRP)
$0.4748560 5.83917
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000165 1.48857
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000087 -1.97869
Pepe price
Bonk
Bonk (BONK)
$0.0000227 -2.94743
Bonk price

Circle announces end of USDC support on Tron blockchain

circle-announces-end-of-usdc-support-on-tron-blockchain
Edited by
News
Circle announces end of USDC support on Tron blockchain

Circle has announced its decision to halt support for the USD Coin (USDC) on the Tron blockchain.

The firm emphasized that this move is part of its commitment to maintaining USDC as a trusted, transparent, and safe currency.

Effective immediately, Circle will stop minting USDC on Tron, planning to phase out support for the blockchain network by February 2025. This decision affects Circle Mint business customers, though they can still transfer USDC to other blockchains until the specified date.

Retail users and those not directly affiliated with Circle are advised to transfer their Tron-based USDC to exchanges where the stablecoin is supported on other blockchain networks.

The company’s choice to discontinue Tron support is not accompanied by a specific reason. However, Circle mentioned that it continuously evaluates the suitability of all blockchains within its risk management framework. The discontinuation is described as the outcome of a comprehensive, company-wide approach that involves various departments, including compliance and business organization.

Stablecoins like USDC are cryptocurrencies pegged to fiat currencies, such as the U.S. dollar, and backed by a reserve of assets. USDC is the world’s second-largest stablecoin, with a market capitalization of over $28 billion, as per data from CoinMarketCap. This figure places it among the top 10 cryptocurrencies globally despite a nearly 36% drop in market cap over the past year.

Circle announces end of USDC support on Tron blockchain - 1
Circle’s USDC market cap | Source: CoinMarketCap

Data indicates that the distribution of USDC across various blockchains is highly skewed towards Ethereum, with more than $22 billion of its total circulating supply hosted there. Solana comes next, holding $1.4 billion, followed by Polygon with $530 million. Tron, by comparison, accounts for a relatively modest $313 million of USDC’s total market presence.

The decision comes after a tumultuous first quarter of 2023 for USDC, marked by bank runs and a banking crisis affecting several large financial institutions, including Silicon Valley Bank. More than a year later, Circle is focusing on expansion in Europe, seeking key licenses to increase its market presence.

Circle’s move to go public in the United States was disclosed last month, highlighting the significant market position of its USDC stablecoin. This announcement came amidst previous denials from Circle regarding service provision to Tron founder Justin Sun, following allegations by the Campaign for Accountability of potential compromise due to integration with the Tron network.

The Campaign for Accountability has linked the Tron network to various international law enforcement actions involving organized crime and sanctioned entities.

Furthermore, the Securities and Exchange Commission initiated a lawsuit against Sun and the Tron Foundation in March 2023, accusing them of issuing unregistered securities and engaging in manipulative trading practices, allegations that Sun refutes.