Circle Discontinues USDC Support on TRON Blockchain

The U.S.-based stablecoin issuer, Circle, has recently announced its decision to cease minting USDC (USD Coin) on the Tron blockchain network. This move comes as Circle aims to ensure the continued trustworthiness, transparency, and safety of USDC. Effective immediately, Circle will no longer mint USDC on Tron and will gradually phase out support for the blockchain network. However, Circle will still facilitate USD Coin transfers to other blockchains for its Circle Mint business customers until February 2025.

The decision to discontinue support for Tron was made as part of Circle’s risk management process, which involves ongoing assessment of the suitability of blockchain networks. Circle emphasized that this action is not limited to Tron but is part of an enterprise-wide approach aimed at maintaining the integrity of USDC. Retail users and non-Circle customers holding Tron-based USDC are encouraged to transfer their holdings to exchanges supporting USDC or to blockchain networks where USDC is still actively supported.

This development follows previous controversies involving Tron founder Justin Sun and allegations of unethical conduct. Circle clarified that it had terminated accounts held by Sun and his affiliated entities in the past. Tron has faced legal challenges, including a lawsuit from the U.S. Securities and Exchange Commission (SEC) alleging market manipulation and fraud. Despite these issues, Tron continues to pursue its vision of becoming a leading decentralized financial protocol.