Posted 2/21/2024, 8:32:00 PM
Circle to Halt USDC Stablecoin on TRON Over Legal and Compliance Worries
- Circle is ceasing minting the stablecoin USDC on the TRON blockchain over risk management concerns, starting the process of fully leaving the network
- The move comes amid legal challenges in the US facing TRON founder Justin Sun over allegations of securities fraud and misleading investors
- It's unclear if this is a preemptive move by Circle to avoid potential issues due to Sun's controversies or a reaction to specific security concerns
- The decision could signify a growing divide between regulatory-compliant crypto firms and those operating in gray or black markets
- By leaving TRON, Circle may be trying to protect its reputation and compliance efforts as it prepares for a second attempt at an IPO