Solana

USDC

Polygon

TRON

Coin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/usdc-discontinues-support-on-tron-blockchain/" data-wpel-link="internal">USDC Discontinues Support on Tron Blockchain</a> 
The cryptocurrency market is being shaken by a significant move. According to Circle’s announcement, the second-largest stablecoin, USD Coin (USDC), will no longer be supported on the Tron Blockchain. An announcement made earlier today stated that Circle would phase out support for USDC on Tron through a gradual transition. 
<h2 style="text-align: justify" id="usdc-leaves-tron-network">USDC Leaves Tron Network</h2> 
In Circle’s official statement, it was mentioned, “We are phasing out support for USDC on the TRON Blockchain. Effective immediately, we will no longer mint USDC on TRON.” As part of this decision, customers were informed that transfers of USDC to other blockchains would be supported until February 2025, while individual users and other customers outside of Circle can move their USDC to TRON through exchanges. 
Circle explained this decision as part of its risk management framework, stating, “This action is consistent with our efforts to ensure that USDC remains a trusted, transparent, and secure digital dollar on the internet.” 
<h2 style="text-align: justify" id="stablecoins-and-tron">Stablecoins and TRON</h2> 
Stablecoins are a type of cryptocurrency typically pegged to a fiat currency and backed by a basket of underlying assets. USD Coin (USDC) is known as the second-largest stablecoin after Tether (<a href="https://coin-turk.com/tether-coin-nasil-alinir" data-wpel-link="internal">USDT</a>) with over $26 billion in token supply. However, the majority of this amount is found on the Ethereum blockchain. 
Other blockchains like Solana have $1.4 billion and <a href="https://en.coin-turk.com/polygon-matic-hits-significant-milestone-active-wallets-surge/" data-wpel-link="internal">Polygon</a> has $530 million in USDC. On Tron, there is a relatively smaller amount of 300 million USDC. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-317446 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/trx-coin-turk-com-.png" alt="" width="1564" height="836"> 
Following this development, the price of TRON’s token TRX was not negatively affected. The token reached a level of $0.14. Such changes between the stablecoin market and blockchains can be seen as a reflection of the constantly evolving dynamics of the cryptocurrency world. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/usdc-discontinues-support-on-tron-blockchain/" data-wpel-link="internal">USDC Discontinues Support on Tron Blockchain</a></h5>

USDC Discontinues Support on Tron Blockchain

Table of Contents

COINTURK NEWS

Other articles published on Feb 21, 2024

Bitcoin ETF trading volume skyrockets as VanEck’s HODL sees surge

50% Chance of Spot Ethereum ETF Approval: Good or Bad for Prices?

2nd Report Of February 2024

Bitcoin’s Key Resistance at $52,400: A Gateway to Gain

VanEck’s HODL ETF achieves $300M in daily trades, jumping over 1000%

3 Reasons Behind Bitcoin’s Surge Over $52,000; Bullish Outlook for Injective & Monero Rival

Join our free newsletter for daily crypto updates!