Circle, the company behind the stablecoin USDC, has announced the discontinuation of supporting USDC on the TRON blockchain. This immediate effect means that there will be no more minting of USDC on TRON. Instead, Circle has initiated a plan for their customers to transfer USDC from TRON to other blockchains by February 2025. For those holding USDC on TRON who are not customers of Circle, they are advised to contact the exchange providers regarding the migration plan. The recommendation is for Circle to exchange back to fiat currency.
Circle did not directly explain the reason for ceasing USDC support on TRON, but mentioned that the company has evaluated various risk management aspects to maintain USDC as a trusted, transparent, and secure stablecoin, leading to the decision to end support for USDC on TRON.
Data from DeFiLlama reveals that out of the total USDC market value of over $26 billion, the majority is on the Ethereum blockchain, with approximately 1.17% or around $300 million on TRON.
Source: Circle via CoinDesk
TLDR: Circle discontinues USDC support on TRON for risk management reasons, prompting customers to transfer USDC to other blockchains by February 2025. Majority of USDC is on Ethereum, with a small fraction on TRON.
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