Topic: Ledger Live and USDC (TRC20) (Read 225 times)

Yes, but USDC, if you do the maths block on average 10 times less than the tether. I don't know if you have ever used the live support from tether by email. They usually reply in less than 20 minutes during working hours in Singapore about just blocking let's say illicit transactions which may be a liability for their company. They just block with no evidence, no criminal trial, just send them 2-3 blog articles or some txds sometimes with no link between them and they just lock it
USDC is more safer on this ground, perhaps because their team is somewhat ignorant. Most of the crypto hacks on defi right now, swap on tornado to usdc instead of usdt.
Nobody should use nor trust both of them.
There is no backing for tether, at least it used to be in BTC. At a moment they were stating that 100% of all tether was backed by assets (not us bonds) but..: https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal
so fuck these ponzi scams

People who created Tether can freeze you coins whenever they want, but on other shitcoin chains same thing can be done by CZ on BNB chain, on Tron Justin and his frens can do it, and it's the same for all other centralized blockchains.
It's just a few people who are running nodes and control everything that is happening, similar like you would do on a regular spreadsheet.

One alternative I was talking before is called Stablesats.com, that is based on Lightning Network, or Synthetic Stablecoins Euro and USD backed by Bitcoin that are used in Kollider.xyz:

The issuer of USDT can block the address where the tokens are being held. It doesn't matter if it's Tron or Ethereum. It's the same thing with USDC. It can also be frozen in an address irrespective of the blockchain. Tokens on the omni layer could be the only exception to this rule. Still, I have never looked into it to know for sure. dkbit98 mentioned Liquid chain. @dkbit98 isn't that centralized as well, meaning there is a powerful party (issuer) that makes all the rules?

If you are worried about having your tokens frozen, don't take part in crime and illegal activities. I have never heard of a poor innocent bastard somewhere who got his stablecoins blocked by the issuer for no reason. There might still be such cases, and if anyone knows about them, post a link here. It's usually stolen or hacked money and significant sums. Still, having the power to do it is a worrying thought.

The decentralized stablecoin DAI is one that can't be frozen by it's issuers. So, consider using that if possible.

Investments can be different. If the user has 10,000 dollars and 90% is bitcoin, then I don’t see big risks, but if the user has several million dollars and 90% is bitcoin, then these are big risks if he is not a millionaire. Many black Lebels can happen after which bitcoin will be banned and the price of bitcoin will fall very much.

my understanding is that the blockchain does not block it, it is tether that blocks it.   so it does not matter which blockchain it is on.  correct?

I would be very careful holding anything in USDT stable coin, as I heard lot of big players are hedge betting against Tether at the moment.
This means that Tether could soon lose peg for dollar, and in the worst case it could happen some legal case against them that will bring it to zero.
People think this is impossible to happen, but we already saw many stable coins going to zero so there is always a risk.
This could temporary affect Bitcoin price, but eventually BTC would recover and USDT tokens could be gone forever.

I also don't suggest holding anything on shitcoin blockchains (Tron, etc) that can seize and freeze your coins, and USDT can be frozen anytime.
If you must keep USDT short term than I think that Liquid chain is solid option, it is available on ledger, and you can easily trade it back for Bitcoin.
Good alternative for holding stable coins is using Lightning Network fiat currencies with Bitcoin collateral, but this is still not widely accepted.

I have never owned any USDC to tell you the truth. I have and still use USDT occasionally, but I work very little with altcoins. My crypto portfolio is over 90% (close to 95%) in bitcoin.     

Ahh, potayto, potahto. USDT is owned by a Chinese company, while USDC is closely connected to USDC. You really shouldn't trust or use either one if you don't have to. Better keep your wealth in USD instead of USDT/USDC. The purchasing power of the token is going to be the same as the fiat asset and its derivatives it's supposedly backed by. The difference is that the token can collapse within a day and cause havoc to its holders. Still, stablecoins are a necessary evil we have to put up with. I don't feel like playing with fire to see what will happen if either of them failed and lost its peg tomorrow.

I am also very annoyed that the USDC token cannot be added to the ledger live, although there is the possibility of adding other useless tokens. In such cases, the Tronlink wallet helps. For developers, it won't take more than 5 minutes to solve the problem, but maybe they are busy with something else. You need to tweet them.

if you were going to keep some money in stable coin on tron, would you do it using tether or usdc?  what is your personal preference?   

my understanding is that usdc offers more visibility in their books and funds than tether, hence it being safer. 

You can always check out what coins and tokens are supported here: https://www.ledger.com/supported-crypto-assets.
Based on the list, no, it's not supported. They support various ERC20 versions and one over the Algorand blockchain.   

USDC doesn't seem like a popular asset on Tron anyways. A quick comparison between USDC and USDT shows the following:

USDC

• Holders: 361,690 Addresses
• Total Transfer Count: 1,936,192 Txns
• Transfers (24h): 3,970 Txns

USDT

• Holders: 16,200,477 Addresses
• Total Transfer Count: 815,935,152 Txns
• Transfers (24h): 3,044,255 Txns

Sources:
https://tronscan.org/#/token20/TEkxiTehnzSmSe2XqrBj4w32RUN966rdz8
https://tronscan.org/#/token20/TR7NHqjeKQxGTCi8q8ZY4pL8otSzgjLj6t

You can clearly see the difference.

is usdc on tron still not supported on ledger live? 

I would be very careful about using the Guarda wallet. There have been several accusations against them. They are partnered with Atomic Wallet and swaps platform ChangeNOW (known for creating problems to traders and outright scamming some of them).

There are several accusation threads against these brands. Here are just two that you can take a look at, but there are links to others in those discussions:

Atomic Wallet and Guarda' owners == SCAM ChangeNOW' owners
CHANGELLY - Illegal exchanger from RUSSIA with FAKE team

Last time I checked (a few months ago), tronlink does *not* display USD-TRC20 coins and balances. Just TRX.

I don't personally like Tronlink at all. The idea that I need to back up a dozen seed phrases and wallet files for each coin I need to get paid in is quite revolting, if you ask me.

Guarda wallet supports USD-TC20 and was recommended to me by a colleague. It even lets you exchange between coins without harassing you for KYC.

The problem is that Ledger does not allow any TRC20 tokens.
By default, Ledger only allows you to work with tokens approved by it.

I wrote to Ledger support:
Good afternoon!
Accidentally sent USDC trc20 to my LEDGER wallet.
ID:xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
As per your advice on reddit
https://www.reddit.com/r/ledgerwallet/comments/uc0jyk/sent_usdc_trc20_to_ledger_by_accident/
Connected my LEDGER nano X to my tronscan.org wallet
USDC is not translated, gives an error: Confirmation declined by user.
USDT and TRX are successfully transferred. What could be the problem? Why is the wallet not transferring USDC exactly?


Ledger support responded:
Hi,

Thank you for reaching out to Ledger Support. My name is Felix, and I'll be helping you with your inquiry today.

If you're following the steps to use tronscan, based on the screenshot it seems like you've rejected, rather than accepted the confirmation on the Ledger device:

If you verify and approve the address on your Ledger device, this should avoid the message that you've received in particular, so that you can manage your USDC on Tron in particular.

If you have any other questions at this stage, please reach out, we'll do our best to troubelshoot with you going forward.


The support service did not pay attention that the problem is only with sending USDC, I have no problems with sending USDT and TRX.


Later, I solved the problem myself, found in the TRX application settings the option "allow unverified contracts" which needs to be set to "allowed".
After that, it will be possible to transfer any TRC20 tokens through tronscan.org

I have never stored USDC on Tron and my Ledger. But I do keep some USDT on a Tron address on a Ledger HW. Unless you have Tron on that same address, your USDT balance won't be visible or accessible through Ledger Live. I guess it's the same thing with USDC. Fund your main address with Tron, and that might do the trick. You need that TRX anyways to pay the transaction fees, so you can't move them out of LL without the native coin.

It is already supported in the desktop version. You need to update the firmware first and install de TRON app in the device:

https://support.ledger.com/hc/en-us/articles/360013062159-Manage-TRC10-and-TRC20-tokens?docs=true


Alternatively, you can use TronLink browser extension which works well with Ledger Nano (I have used it about 3 years ago)
https://www.tronlink.org/

Edit: I didn't test USDC token specifically, but I don't see why some tokens would show and some wouldn't. I guess it will show up when you update your ledger live software. If it doesn't, you can use third party software such as tronlink or tronscan.

I didn't work with TRON network, but it seems to not be supported yet by Ledger Live.


You should never enter the hardware wallet seed in other software or website, that is against what hardware wallet is meant for.
It seems though that you can use Ledger wallet with Tron scan to do the job:

My friend sent some USDC to the Ledger nano X wallet on the Tron network.
The mobile version of Ledger live does not display the USDC (TRC20) token at the moment.
Can you tell me how to transfer USDC from Ledger Live?
Is it possible somewhere in Ledger Live to indicate its smart contract number (TEkxiTehnzSmSe2XqrBj4w32RUN966rdz8) instead of the USDC token name?
If you can’t transfer through Ledger Live, then advise a TRON wallet that works with TRC20 tokens, where you can import SEED or a private key.