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Circle announced on Wednesday that it will gradually phase out its support for USDC on the TRON network and immediately terminated USDC minting services on the blockchain.
According to the company’s announcement, “Under our risk management framework, Circle continuously evaluates the compliance of all blockchains where USDC is supported,” it said and pointed out that the decision to remove support for TRON followed a “corporate wide approach” which included business organization, compliance, and other functions.
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“This step is consistent with our efforts to ensure that USDC remains reliable, transparent, and secure,” Circle continued.
The company pointed out that it will assist Circle Mint users to transfer their USDCs to other blockchain networks until February 2025. They also announced that their customers will be able to convert their USDC assets into fiat currency through Circle. Retail USDC holders and users outside Circle were directed to retail trading platforms to secure or transfer their assets.