Circle, the publisher of the major stablecoin USD Coin (USDC), announced on February 21 that it will end support for USDC on the Tron blockchain.

“We are phasing out support for USDC on the Tron blockchain. Minting of USDC on Tron will cease immediately,” Circle said in a statement.

Transferring USDC to other blockchains will be supported until February 2025, and general users will be able to transfer USDC on TRON using crypto asset (virtual currency) exchanges.

Circle cited its risk management framework as the reason for this decision. “This action is consistent with our efforts to ensure the trust, transparency, and security that make USDC the leading regulated digital dollar on the internet,” the Circle said.

Stablecoins are cryptoassets whose value is pegged to a fiat currency (usually the US dollar) and backed by a basket of underlying assets such as cash or bonds.

USDC is the second largest stablecoin after Tether (USDT), with more than $26 billion (approximately 3.9 trillion yen, equivalent to 1 dollar = 150 yen) of tokens in supply.

According to the data, more than $22 billion (about 3.3 trillion yen) of this is on the Ethereum blockchain, $1.4 billion (about 210 billion yen) on Solana, and 500 million on Plygon. followed by $30 million (approximately 79.5 billion yen). USDC on Tron is relatively small at 300 million dollars (approximately 45 billion yen).

TRON’s native token, TRX, has been performing well, trading at 13 cents as of Asian trading hours on the 21st.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: USDC Stablecoin’s Issuer Circle Dumps Tron Network; TRX Steady