Circle Announced An End To USDC Support On Tron Blockchain
The post Circle Announced An End To USDC Support On Tron Blockchain appeared on BitcoinEthereumNews.com.
Circle has announced its decision to end support for the USD Coin (USDC) on the Tron blockchain. 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 firm emphasized that this move is part of its commitment to maintaining USDC as a trusted, transparent, and safe currency. Effective immediately, Circle will stop minting USDC on Tron, planning to phase out support for the blockchain network by February 2025. This decision affects Circle Mint business customers, though they can still transfer USDC to other blockchains until the specified date. Retail users and those not directly affiliated with Circle are advised to transfer their Tron-based USDC to exchanges where the stablecoin is supported on other blockchain networks. The company’s choice to discontinue Tron support is not accompanied by a specific reason. See Also: Circle Executive Wants The US Treasury Department To Probe Rival Company Tether, Is This Stablecoin Wars? However, Circle mentioned that it continuously evaluates the suitability of all blockchains within its risk management framework. “As part of our risk management framework, Circle continually assesses the suitability of all blockchains where USDC is supported. 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.” The discontinuation is described as the outcome of a comprehensive, company-wide approach that involves various departments, including compliance and business organization. Stablecoins…
Filed under: News - @ February 22, 2024 12:14 pm