Very bad news for TRX, as Circle decides to discontinue USDC support on the TRON network

Ahead of the IPO plan, Circle decided to cut down its relationship with the Tron (TRX) crypto network.

Circle is a popular stablecoin firm which manages all the financial operations behind USDC stablecoin. In 2023, Circle went through multiple changes in its financial control activities, so that Circle could maintain a more safe & more transparent position in the world. 

On 21 Feb 2024, Circle announced that the company is going to terminate its USDC support on the Tron (TRX) network immediately. 

So from today Circle will no more mint USDC on the Tron network and also the USDC users are required to transfer their USDC to other supported networks or directly contact Circle to redeem to fiat.

As per the report, this latest decision is a part of reducing the risk factors associated with the Circle & Tron network relationship.

Some experts claimed that Circle’s decision to terminate Tron support is directly related to Tron founder Justin Sun. 

However, Justin stepped down from the Tron project in Dec 2021 and at the time he announced his departure from involvement in crypto-related activities but still he is active in the crypto sector deeply.

In March 2023, the United States Securities and Exchange Commission (SEC) charged Justin for promoting & offering unregistered securities assets in the U.S. jurisdiction without any permission.

In this matter, the SEC body also charged another 8 people who were backing Justin’s crypto assets. 

So far Justin denies all the allegations and there are huge chances that he will not go to the US, obviously to remain away from any punishment. 

TRX price action

The current trade price of the TRX coin is $0.14 & this trade price is 2.63 higher than the last 24 hours’ trade price. 

Some people alleged that Justin is buying TRX coins in bulk, to reduce the impact of Circle news. 

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