Circle has made the immediate decision to cease the minting of USDC on the Tron platform. Current USDC holders have the option to transfer their USDC to a different platform or exchange it for fiat currency. Circle has not revealed specific reasons for their departure from Tron, leading to speculation about potential regulatory pressures. Despite this, we continue to support initiatives to introduce USD-backed stablecoins on the Cardano platform. We appreciate and encourage the efforts of all community members working towards this objective. However, it’s important to remain cautious and understand the risks associated with USD-backed stablecoins.
Approximately 70% of all transactions within the cryptocurrency sector are associated with stablecoins, with USDC and USDT being the most prevalent. This has proven to be a lucrative venture for both Circle and Tether.
Tron is known for its comparatively low fees and quick settlement times. It is home to a booming stablecoin business.
In terms of stablecoin market capitalization, Tron, with a 37% share, is the second largest platform for stablecoin usage, following Ethereum which holds 52%.
Tron surpasses Ethereum in terms of the amount of USDT minted. It is a favored platform for…
