On February 21, the American financial technology company Circle announced that it will no longer offer USDC on the Tron blockchain. Only a few months ago, Circle denied rumors that it was the bank of Justin Sun, the creator of the Tron blockchain. Circle stated that it is still dedicated to building the stablecoin and extending its “reach to additional blockchains” even though it has stopped supporting USDC on Tron.
Retail Users Are Suggested to Move Money to Exchanges That Back USDC
The financial technology company Circle declared on February 21st that it will no longer be supporting USDC on the Tron blockchain. In spite of this, Circle stated that through February 2025, it will still enable users of Circle Mint to transfer their stablecoin to other blockchains.
Retail users and non-Circle clients were also asked by Circle in a statement to move their USDC on Tron to an exchange or distributor that permits transfers to a blockchain that supports the stablecoin. It was announced a few months ago that Circle would no longer accept USDC on the Tron blockchain, following the denial of allegations that it finances terrorist groups.
In a letter to U.S. Senator Elizabeth Warren, Circle, represented by Chief Strategy Officer Dante Disparte, also refuted being Justin Sun’s bank, according to Bitcoin.com News. Disparte said that although Circle has previously dealt with Sun, such transactions were legal.
The fintech company defended its decision to stop supporting Tron, arguing that it will further establish the stablecoin as the leading regulated digital asset.
“We used an enterprise-wide strategy that included our business organization, compliance, and other departments to decide to stop supporting USDC on Tron. This move is in line with our attempts to maintain USDC’s reputation as the most reliable, secure, and transparent digital currency on the internet, according to Circle.
Circle stated that it is still dedicated to developing USDC and extending its “reach to additional blockchains” even though it has stopped supporting USDC on Tron.
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