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Circle announced the removal of native USDC on the Tron Network (TRX) as part of its “risk management framework.” This raised concerns about Tron's future in the market, which could impact TRX's price performance.
TL;dR Circle has decided to cease support for USD Coin (USDC) on the Tron blockchain, which has had a significant impact on the world of cryptocurrencies. This measure, part of the company's commitment to maintaining the reliability and security of USDC, primarily affects Circle Mint's commercial customers, with a deadline set for February 2025.
Circle, a prominent U.S. cryptocurrency firm, has announced its decision to discontinue support for its USDC token on the Tron blockchain network. The company revealed this strategic move on Wednesday, emphasizing its commitment to maintaining the trustworthiness, transparency, and safety of the USDC stablecoin.
Circle announces the cessation of USDC support on the Tron blockchain, citing ongoing risk assessments and an enterprise-wide approach in alignment with regulatory standards.
Circle, a prominent crypto firm, has recently announced its decision to cease support for the USD Coin (USDC) stablecoin on the Tron blockchain. This strategic pivot marks a significant shift in Circle's operations and underscores important considerations within the crypto industry.
The decision by Circle suggests the possible future creation of a native network for the stablecoin.
The stablecoin issuer said that its decision, "aligns with our efforts to ensure that USDC remains trusted, transparent and safe."
In a move that marks a new chapter for the company and its users, Circle will discontinue minting USDC on the TRON blockchain. This phased transition will end new USDC minting on TRON soon, unfolding over the next few months.
Institutional clients have until February 2025 to transfer or redeem USDC held on Tron. USDC worth $335 million is hosted on Tron, as reported on Circle's website.
Centralized stablecoin issuer Circle is discontinuing support for USD Coin (USDC) on the Tron blockchain, citing concerns within its risk management framework. According to a Feb. 21 statement, this decision is rooted in the firm's commitment to ensuring USDC remains “trusted, transparent and safe” for its user base.
Circle stated that their decision is a part of their risk management framework.
Circle said the move aligned with its risk-management framework.
Circle has announced the cessation of USD Coin (USDC) support on the Tron blockchain. The decision, driven by risk management considerations, marks a strategic transition for Circle and prompts analysis of TRON's (TRX) response in the cryptocurrency market.
The Tron (TRX) token continues to display a significant uptrend in its valuation by jumping over 2.5% within the last 24 hours and adding approximately 10% over the past week. At the time of writing, the Year-to-Date (YTD) returns stand at 30.29%, indicating a strong bullish influence for TRX tokens in the crypto space.
Circle has announced its decision to halt support for the USD Coin (USDC) on the Tron blockchain. The firm emphasized that this move is part of its commitment to maintaining USDC as a trusted, transparent, and safe currency.
Effective immediately, Circle will no longer mint USDC on the Tron network and will gradually phase out support for the blockchain. However, the company assures continued support for its Circle Mint business customers' USDC transfers to other blockchains until February 2025.
Tron price is gaining pace above the $0.120 resistance against the US Dollar. TRX is outperforming Bitcoin and could rise further above $0.140.
On Tuesday, February 20, the second-largest stablecoin operator Circle announced that it is ending support for its USDC stablecoin on the Tron blockchain. However, this won't be an abrupt ending but rather a phased-out transition.
Circle, the issuer of the popular USD Coin (USDC) stablecoin, announced on February 20 that it will be discontinuing support for USDC on the Tron blockchain.
Circle, the company behind the USD Coin (USDC), a stablecoin pegged to the U.S. dollar, has decided to stop supporting USDC on the Tron blockchain. They made this choice to maintain the trustworthiness, transparency, and safety of USDC.
Circle ceases USDC support on the Tron blockchain—no more USDC minting on Tron from today. Retail investors can transfer Tron-based USDC to exchanges or other compatible blockchains. Here's why Circle is head-on heels with Tron.
Circle cited its “risk management” framework as part of the decision, among other factors.
Circle, a major stablecoin firm, has announced it will cease support for USDC (USD Coin) on the TRON blockchain. This move comes amid the firm's strategic push towards an Initial Public Offering (IPO) in the United States.
Circle discontinues the support of USDC on TRON blockchain, halting USDC minting immediately.
