USDC

TRON

Circle, the issuer of the second biggest stablecoin USDC, made a huge announcement regarding its partnership with <a href="https://news.todayq.com/justin-sun-reveals-roadmap-for-bitcoin-l2-integration/" rel="noopener noreferrer nofollow">TRON blockchain</a>. In a post, Circle stated that it will discontinue USDC on the TRON blockchain but in a phased transition. However, TRON’s founder, Justin Sun, made a cryptic statement over the matter. Circle part ways from TRON 
According to the announcement, Circle will no longer mint USDC on TRON with an immediate effect. It added that the transfers and redemptions of the stablecoin on the TRON will operate till February 2023.
The stablecoin issuer suggested that Circle Mint users can move their USDC on TRON to other supported blockchains. However, the customers can also go and redeem USDC for fiat currency directly with Circle.
Circle stated that their resolution to discontinue support for USDC on TRON comes in as the result of an enterprise wide approach. This decision involves the business organisation and compliance across the firm.
This major development might come as a big shock for the TRON organisation and blockchain. The network is home to many stablecoins. The cumulative market value of dollar pegged cryptos on the Tron network is calculated to be around $51.5 billion. However, USDC holds around $314 million of this total. What does Sun say? 
Justin Sun, the founder of TRON, went to make a post on X (formerly Twitter), however, he didn’t mention the stablecoin’s name anywhere around. He wrote that TRON is a decentralized blockchain protocol that is similar to Bitcoin and Ethereum networks. Its developers maintain the network’s operations through consensus and distributed nodes.
He added that the organisation respects and supports each developer’s decision while it hopes to encourage them to make on TRON. Lately, the TRON network has found itself under several controversies and legal compliance issues.
According to the data, TRON ecosystem tokens’ market capitalization stands at around $14.4 billion. While the network’s native crypto TRX holds a market cap of around $12.3 billion. TRX is trading at an average price of $0.14, at the press time. Its price recorded a surge of 29% in the last 30 days.
On the market side, USDC, once the biggest stablecoin, is on a constant decline after losing its position to the Tether’s USD (USDT). USDC used to hold a market cap of more than $55 billion, however, it now holds a market cap of just $28 billion. It has come down to almost half of what it had back in 2022.
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Justin Sun’s cryptic response to USDC exit from TRON

Todayq News

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