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Circle, the issuer of USDC, has announced the discontinuation of support for its stablecoin on the TRON blockchain.
Circle said the decision is part of a broader strategy that aligns with its plans for an Initial Public Offering (IPO) in the United States.
The company will cease minting USDC on TRON and has advised users to transfer their funds to other platforms that support the stablecoin or redeem them for fiat currency.
Circle Mint customers will be assisted in transferring their USDC to other blockchains until February 2025, while retail USDC holders and non-Circle customers can utilize global services, including retail exchanges and brokerages, for transfers or fiat redemption.
With a market capitalization of US$26.8 billion, USDC is the second-largest stablecoin after Tether, accounting for nearly 20% of the market dominance.
Circle’s strategic pivot away from TRON and towards an IPO underscores the growing trend of crypto firms seeking to establish themselves as viable publicly traded companies in the U.S.
Circle filed to go public in January after the Boston-based firm submitted a draft registration statement to the Securities and Exchange Commission (SEC).
Circle previously attempted to go public through a US$ 9 billion special-purpose acquisition company (SPAC) deal, a plan that was abandoned in December 2022.