A circle to stop creating USDC on the Tron Network will be effective immediately.

The issuer of the US dollar-pegged stablecoin USD Coin (USDC) said it will end support on the Tron blockchain, saying the decision is “in line with efforts to ensure USDC is trustworthy, transparent and secure.”

In a February 20th blog post, he said, “We will not be running USDC on TRON effective immediately,” as it will gradually phase out support for the blockchain network.

Circle has announced that it will still transfer “Circle Mint” trading customers USDC to other blockchains until February 2025.

The company urged retail users and non-circle customers to move their TRON-based USDC to the exchange, which moved USDC to the blockchain network where it is still supported.

1/ On the TRON blockchain we will cross USDC with a phase transition. Effective immediately, we will no longer be trading USDC on TRON. USDC transfers and redemptions on TRON will continue to work normally until February 2025. Read the details: https://t.co/kw9A3ZUpWH

— Circle (@circle) February 21, 2024

Circle gave no reason for ending support for Tron, saying only that it “continually evaluates the suitability of all blockchains” as part of its risk management process.

The firm added that the move to attract Tron's support “is the result of an enterprise-wide approach that includes business organization, compliance and other functions within our organization.”

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Last month, Circle filed to go public in the United States. The US dollar stablecoin commands a market capitalization of nearly $28 billion — second only to rival stablecoin Tether (USDT), which has a valuation of $97.5 billion, according to CoinGecko data.

In November, Circle said it would provide services to Tron founder Justin Sun starting in February 2023, after an ethics group wrote to Congress saying it had “difficulty integrating” the company with the Tron network.

The group, Campaign for Accountability, said Tron had been “implicated in numerous international law enforcement actions involving multibillion-dollar operations by organized crime groups and sanctioned entities.”

The Securities and Exchange Commission charged Sun and Tron Foundation in March 2023 with offering unregistered securities and engaging in fraudulent trading, which Sun has denied.

Tron did not immediately respond to a request for comment.

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