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Circle to end USDC support on TRON blockchain

Circle, the company behind the popular USD Coin (USDC), a stablecoin pegged to the U.S. dollar, announced on Tuesday that it will stop supporting USDC on the TRON blockchain network.

In a blog post, Circle said that it will no longer mint new USDC tokens on TRON, effective immediately, and will gradually phase out support for the blockchain network over the next two years.

Circle explained that the decision was based on its risk management framework, which evaluates the suitability of all blockchains where USDC is supported. The company said that the move aligns with its efforts to ensure that USDC remains trusted, transparent and safe, and that it reflects the preferences of its business and institutional customers.

Circle also said that it remains committed to growing USDC and expanding its reach to additional blockchains, where it can offer the widest access, broadest developer choice, and most secure user experience of any dollar stablecoin in the world.

What does this mean for USDC users on TRON?

According to Circle, USDC users on TRON have two options:

  • Circle Mint customers, who are business and institutional clients, can transfer their USDC to other blockchains, or redeem their USDC on TRON for fiat currency directly with Circle, until February 2025.
  • Retail USDC holders and non-Circle customers can use the hundreds of global services available, including retail exchanges, brokerages and on/off-ramp providers, to transfer their USDC between blockchains or redeem their USDC for fiat currency.

Circle assured that USDC remains redeemable 1:1 for US dollars, as always.

What is USDC and why is it important?

USDC is a digital token that represents a U.S. dollar on the blockchain. It is designed to maintain a stable value, unlike other cryptocurrencies that can fluctuate significantly. USDC can be used for various purposes, such as payments, remittances, trading, lending, investing, and more.

USDC is one of the most widely used stablecoins in the world, with over $28 billion in circulation as of February 2024. It is supported by multiple blockchains, including Ethereum, Polygon, BNB Chain, Algorand, Stellar, and Solana, besides TRON.

USDC is also backed by a consortium of companies, called the Centre Consortium, which includes Circle and Coinbase, two of the leading crypto platforms in the U.S. The consortium sets the standards and policies for USDC, and ensures that every USDC token is fully backed by a reserve of U.S. dollars held in regulated financial institutions.

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