Circle Ceases USDC Operations On Tron Blockchain For Trust Assurance
Circle, the issuer of USDC (USD Coin), has announced the discontinuation of support for the stablecoin on the Tron blockchain.
The firm stated that it would no longer mint USDC on Tron, effective immediately, but will facilitate the transfer of USDC from Tron to other blockchains until February 2025 for Circle Mint customers. Retail users are advised to move USDC on Tron to exchanges compatible with USDC-supported blockchains. The decision aligns with Circle’s risk management framework to ensure USDC’s trustworthiness, transparency, and safety. Tron founder Justin Sun responded, expressing an effort to understand the situation, and later tweeted about respecting developers’ decisions.
This move follows the U.S. Securities and Exchange Commission’s (SEC) charges against Sun in March 2023, accusing him of market manipulation and fraud related to Tron’s TRX token. The legal issues do not seem to have affected the current price of Tron’s TRX token, trading at $0.1392, up 1.3% on the day. The SEC also alleged Sun’s manipulation of BitTorrent’s BTT token and his involvement in a scheme to pay celebrities for promoting TRX and BTT without disclosing compensation. Sun has denied the charges, claiming they lack merit.
Clever Robot News Desk 23rd February 2024
