Stablecoin issuer Circle announced on Wednesday that it would be phasing out support. USDC
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“As part of its risk management framework, Circle continually evaluates the suitability of all USDC-backed blockchains,” the company said. nameIt added that the decision to discontinue support for TRON was based on an “enterprise-wide approach” that included business organization, compliance and other functions.
“This action is consistent with our efforts to ensure USDC remains trusted, transparent, and secure,” Circle continued.
The company said it will enable Circle Mint users to transfer USDC to other blockchain networks by February 2025. Customers can also redeem their USDC holdings for fiat through Circle, according to the announcement. Circle directed retail USDC holders and non-Circle users to its retail trading platform to redeem or transfer their holdings.
Circle did not immediately respond to The Block’s request for further comment.
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About the author
Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.