The post USDC ceases to exist on the Tron blockchain appeared on BitcoinEthereumNews.com.

Circle, a well-known issuer of cryptographic stablecoins, announced this morning that it will immediately stop supporting its USDC coin within the Tron blockchain, citing a group adjustment as part of its risk strategy. Users holding USDC on the Tron network can perform the official redeem until February 2025 to redeem fiat currency, or use a variety of intermediary services available on CEX or in DeFi. The choice of the issuer suggests a likely expansion of the company in the field, which could be inclined to launch its own native network in the future.  In the coming months, Circle could also abandon other blockchains if it deems it appropriate. USDC stablecoin: Circle abandons Tron blockchain as part of its risk management strategy and considers a proprietary network The stablecoin issuer Circle, officially announced this morning that it will remove USDC support on the Tron blockchain, as part of its risk exposure strategy adjustment. 1/ We are discontinuing USDC on the TRON blockchain in a phased transition. Effective immediately, we will no longer mint USDC on TRON. Transfers and redemptions of USDC on TRON will continue to operate normally through February 2025. Read the details: https://t.co/kw9A3ZUpWH — Circle (@circle) February 21, 2024 The decision was announced on the company’s blog, where it is revealed that the second largest stablecoin by market capitalization is being removed with immediate effect from the proprietary network of billionaire Justin Sun. “Circle Mint” customers holding USDC on Tron have the option to make a redeem for fiat currency by February 2025, alternatively passing through intermediary services, including retail exchanges, providers on/off-ramps and bridges to transfer the crypto to different blockchains. By underlining its commitment to growing its ecosystem and ensuring investors a reliable, transparent, and secure environment for the proliferation of USDC, Circle has explained the reason…

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Filed under: News - @ February 21, 2024 7:26 pm