Circle ceases USDC support on Tron Blockchain amid regulatory concerns
Circle logo is seen in this illustration taken March 31, 2023.
Major US-based crypto firm Circle has announced its decision to discontinue support for its USDC (US Dollar Coin) token on the Tron blockchain network.
The move, according to Circle, is part of its ongoing efforts to uphold the integrity and safety of USDC, one of the leading stablecoins in the market.
According to a blog post by Circle, the decision to cease USDC support on Tron is effective immediately.
The Boston-headquartered company emphasided its commitment to ensuring the trustworthiness and transparency of USDC, stating that it continually evaluates the suitability of blockchains supporting the stablecoin under its risk management framework.
While Circle did not explicitly state the reason behind the decision, it comes amidst regulatory scrutiny surrounding the Tron blockchain.
Tron, a popular platform for stablecoin transactions, has faced regulatory challenges in the United States, particularly with its founder, Justin Sun, who has been embroiled in legal disputes with the Securities and Exchange Commission (SEC).
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Sun has vehemently denied the SEC's allegations, asserting that they lack merit.
Circle's move to end USDC support on Tron impacts both institutional and retail users.
Institutional clients have until February 2025 to transfer USDC held on Tron to other blockchains or redeem the tokens for traditional currency.
Retail customers, on the other hand, can transfer USDC to alternative blockchains or redeem them at various crypto exchanges and brokerages.
The termination of USDC support on Tron follows Circle's earlier actions, including the closure of accounts associated with Justin Sun and his affiliated companies.
With USDC being the eighth-largest crypto token globally, the move to discontinue support on Tron is expected to have reverberations in the market.
According to Circle's website, approximately $335 million worth of USDC is hosted on the Tron blockchain.
Tron has faced allegations in the past regarding its association with crypto transfers linked to groups designated as terror organisations.
However, the platform has maintained that it does not have control over its users' activities and has refuted any direct link to the identified groups.
(With inputs from Reuters)