Circle will no longer mineUSDC on blockchain TRON. The transmitter of stablecoins takes this decision to ensure that the USDC remains ” reliable, transparent and sure “.
On Wednesday, US stablecoin firm Circle announced that it was abandoning the TRON blockchain network.
Circle is ending USDC support on the TRON blockchain as part of a phased transition. Effective immediately, we will no longer mine USDC on TRON,” the company said in a statement.
The crypto fintech justifies its decision on the grounds that it wishes to ensure that its main stablecoin remains “reliable, transparent and secure”, without giving any further details. USDC is available on nearly fifteen networks. It recently made its debut on L1 Sei.
“As part of our risk management framework, Circle continuously evaluates the suitability of all blockchains on which USDC is supported. Our decision to end USDC support on TRON is the result of an enterprise-wide approach that involved the sales organization, compliance and other functions within our company,” she added.
TRON founder Justin Sun is facing legal action in the USA. Last year, the SEC accused him of violating securities laws and market manipulation.
Following Circle’s announcement, Sun said it was a unilateral business decision. “We are currently trying to understand the situation,” it said.
Meanwhile, crypto entrepreneur claimed on X that Tron was a decentralized blockchain protocol, similar to Bitcoin and Ethereum.
USDC currently weighs less than $300 million on TRON compared to more than $49 billion for its rival USDT, according to Defillama. In total, the value of the stablecoin ecosystem on TRON reaches $51 billion.
Institutional investors now have until February 2025 to transfer their USDC on TRON to other blockchains or exchange them for fiat currency. Retail traders, meanwhile, can also move USDC to other networks or barter them on crypto exchanges.
Earlier this year, Circle filed for an IPO in the US.
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