Circle is discontinuing support for USDC on the TRON blockchain in a phased transition. Effective immediately Circle will no longer mint USDC on TRON.
Circle will support Circle Mint customers’ transfer(s) of USDC “to other blockchains through February 2025.”
As Circle only serves business and institutional customers, retail users and other non-Circle customers can “move their USDC on TRON to an exchange or distributor where it can be transferred to another blockchain where USDC is supported.”
Through February 2025, Circle Mint customers may “transfer USDC to other blockchains, or redeem USDC on TRON for fiat currency directly with Circle.”
Retail USDC holders and non-Circle customers may “use the hundreds of global services available, including retail exchanges, brokerages and on/off-ramp providers, to transfer USDC between blockchains or redeem their USDC for fiat currency.”
As always, USDC remains redeemable 1:1 for US dollars.
As part of our risk management framework, Circle continually “assesses the suitability of all blockchains where USDC is supported. Their 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 their company.”
This action aligns with efforts to ensure “that USDC remains trusted, transparent and safe – characteristics that make it the leading regulated digital dollar on the internet.”
Circle’s commitment to growing USDC remains steadfast, the company claims.
Circle will continue to expand USDC’s reach “to additional blockchains to deliver the widest access, broadest developer choice, and most secure user experience of any dollar stablecoin in the world.”
During the past year, the crypto space has been facing increasing regulatory scrutiny from authorities across the globe, with a sharp focus on compliance that’s being expected by US regulators in particular. It is now imperative for companies to adhere to regulatory guidelines so that they can continue to maintain operations (or become the target of a strict enforcement action and be forced to shut down like Bittrex in the US, among many other service providers).
