Circle is ending support for Tron-based USDC

The American company Circle, behind the second most popular stablecoin USDC, unexpectedly announced that it will stop supporting the Tron blockchain. The release of tokens has already been discontinued.

USDC will continue to operate on Tron until February 2025, but no new stablecoins will be issued on this network.. Users will have the opportunity to transfer funds to other blockchains, or exchange them for fiat currency. Circle does not disclose the reason for refusing to support the fairly popular network.

“As part of our risk management framework, Circle continually evaluates the suitability of all blockchains where USDC is supported. This decision is consistent with our efforts to ensure that USDC remains a reliable, transparent and secure stablecoin. The decision was also the result of a company-wide approach that includes business organization, compliance and other company functions,” Circle representatives wrote in the official blog.

Let us recall that in January, Circle filed an application for approval of an initial public offering (IPO).