Thursday, April 18, 2024

Big Blow for TRON: USDC Delisting Creates Major Hurdle for Ecosystem.

Circle, the company that is responsible for issuing USD Coin (USDC), which is one of the most significant stablecoins in the ecosystem, has declared their intention to remove the asset from the TRON network. The decision was made in response to a recent post made by TRON founder Justin Sun, in which he discussed the future of TRON and his intentions to connect the assets of its ecosystem with the blockchain of Bitcoin.

The USDC issuer has discontinued the stablecoin on TRON.

The USDC minting on TRON has ceased as of February 21, according to Circle’s official notice. The aim is for Circle to stop support in a staggered way. While minting activities will be immediately halted, the USDC issuer will continue to enable users’ transfers of the stablecoin to other blockchains until February 2025.

In light of the fact that Circle exclusively provides help to institutional investors, retail users of USDC on TRON have the ability to transfer their holdings to an exchange. Customers of Circle have the ability to directly swap their USDC for fiat currency with the company. Ring will exchange one US dollar coin for one US dollar.

The company says in its announcement that the decision was made as a component of their risk management system, which evaluates the appropriateness of blockchains that enable USDC. As part of Circle’s ongoing efforts to ensure the continued safety and transparency of its stablecoin and its users, the company has decided to withdraw its support for TRON.

Furthermore, it is interesting to note that this step comes not long after TRON’s promise to merge ecosystem assets with the Bitcoin network. Visit this page to learn more about it.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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