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Home»ADOPTION NEWS»Circle will discontinue USDC support on the TRON blockchain as part of its risk management strategy.
ADOPTION NEWS

Circle will discontinue USDC support on the TRON blockchain as part of its risk management strategy.

By Crypto FlexsFebruary 21, 20242 Mins Read
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Circle will discontinue USDC support on the TRON blockchain as part of its risk management strategy.
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Posted 1 minute ago In ~

Stablecoin issuer Circle announced on Wednesday that it would be phasing out support. USDC

-0.27%
We have terminated USDC mining services on our blockchain on the TRON network, effective immediately.

“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.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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.

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