Circle to cease minting USDC on Tron Network effective immediately

Circle, the issuer of the U.S. dollar-pegged stablecoin USD Coin ( USDC ), says it will discontinue support for the token on the Tron blockchain.

In a Feb. 20 blog post , Circle said it would “no longer mint USDC on TRON,” effective immediately,  and would gradually phase out support for the blockchain network.

“Circle will support Circle Mint customers’ transfer(s) of USDC to other blockchains through February 2025,” it added.

1/ We are discontinuing USDC on the TRON blockchain in a phased transition. Effective immediately, we will no longer mint USDC on TRON. Transfers and redemptions of USDC on TRON will continue to operate normally through February 2025. Read the details: https://t.co/kw9A3ZUpWH

— Circle (@circle) February 21, 2024

Circle advised retail users and other non-Circle customers to move their TRON-based USDC “to an exchange or distributor where it can be transferred to another blockchain where USDC is supported.”

Circle cited its decision to discontinue TRON support was the “result of an enterprise-wide approach that involved the business organization, compliance, and other functions across our company.”

“This action aligns with our efforts to ensure that USDC remains trusted, transparent and safe."

This is a developing story, and further information will be added as it becomes available.