Circle, a peer-to-peer payments company, will cease supporting the stablecoin USDC on Justin Sun’s Tron network. This decision aligns with Circle’s commitment to upholding USDC as a trusted and compliant digital asset.
Users holding USDC through Circle Mint will have options to transfer their tokens to other networks or redeem them for fiat currency. The dominant stablecoin on Tron remains USDT, despite the news.
Circle, a prominent player in the stablecoin market, has not revealed the rationale behind its decision to discontinue support for certain blockchain platforms.
However, the company emphasized its ongoing assessment of blockchain compatibility within its risk management framework, particularly concerning the support of USDC, the second-largest stablecoin after Tether.
TRON’s founder, Justin Sun, has faced legal challenges in the past, including charges from the US Securities and Exchange Commission. Circle has refuted allegations of involvement with Sun and his entities, emphasizing its commitment to compliance and transparency.
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