Circle to Stop Minting USDC on the Tron Network

Circle is set to cease the minting of USDC on the Tron Network, stating that the decision aligns with its “efforts to ensure that USDC remains trusted, transparent, and safe,” while adding, “effective immediately we will no longer mint USDC on TRON,” in a February 20 blog post.

The stablecoin firm is set to phase out the support for Tron in a gradual manner, as per the blog post, and it will continue the support for USDC transfers to other blockchains for its “Circle Mint” business customers until February 2025.
The firm encouraged retail participants and individuals outside the Circle ecosystem to transfer their TRON-based USDC to a cryptocurrency exchange. This migration is necessary to facilitate the transition to a blockchain network that still maintains support for USDC.

“Our decision to discontinue support for USDC on TRON is the result of an enterprise-wide approach that involved the business organization, compliance and other functions across our company. This action aligns with our efforts to ensure that USDC remains trusted, transparent and safe – characteristics that make it the leading regulated digital dollar on the internet,” noted the firm.

This measure is part of their ongoing commitment to uphold the trustworthiness, transparency, and security of USDC. Additionally, this move aligns with Circle’s efforts to ensure the safety and integrity of the stablecoin. It’s worth noting that TRX, the token associated with the Tron blockchain, has been embroiled in fraud allegations.