Leading stablecoin USD Coin (USDC) issuer Circle, tron announced that it will no longer support USDC on its blockchain. The decision, which takes effect immediately, is part of a phased transition from the Tron network.
Circle Ends USDC Stablecoin Support on Tron Network
The company cited its risk management framework as a key factor in this decision. “This action is aligned with our efforts to ensure USDC remains trustworthy, transparent and secure,” Circle said in its announcement. “These features make it the leading regulated digital dollar on the internet.”
Stablecoins, such as USDC, are a type of cryptocurrency pegged to a fiat currency, usually the US dollar.
They are backed by a basket of underlying assets such as cash or bonds. USDC is the second largest stablecoin after Tether (USDT) with a token supply of over $26 billion.
Data shows that more than $22 billion of this amount resides on the Ethereum blockchain, followed by $1.4 billion on Solana and $530 million on Polygon. Tron has a relatively smaller amount of 300 million USDC.
Despite this development, Tron’s native TRX tokens remained stable and were trading at $0.14 at the time of writing.
Circle will continue to support customers to transfer their USDC to other blockchains until February 2025. Individual users and other customers outside of Circle will be able to move their USDC to Tron using exchanges.
*This is not investment advice.
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