USDC MINTING ON TRON HALTED, SUPPORT ENDS NEXT YEAR

Circle has announced the termination of its support for the TRON network, marking the end of USDC minting on this blockchain. While new USDC creation on TRON halts immediately, existing support for the stablecoin will persist until February 2025.

In a recent blog post, Circle emphasized its commitment to maintaining stability and consumer trust. USDC holders on the TRON network are granted a one-year window to exchange their tokens for USDC on alternative networks or convert them into regular USD. This exchange can be facilitated either directly with Circle or through various supporting exchanges.

Circle clarified that their decision aligns with their risk management framework, which involves a comprehensive evaluation of blockchain suitability for USDC support. While specific reasons for withdrawing TRON support were not detailed, it’s speculated that factors such as SEC fraud allegations against TRON creator Justin Sun and recent network exploits may have influenced the decision.

Despite TRON’s dominance in the use of USDT, with over 95.6% of contracts linked to the stablecoin, USDC will no longer compete on this network. Currently, USDC’s market cap exceeds $28 billion, reflecting a decline from its ATH of $56 billion before the SVB collapse. Circle’s recent IPO filing adds another layer of intrigue, though specifics remain undisclosed.

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