Circle to Cease USDC Support on Flow Blockchain Amid Network Upgrade

Circle has introduced that it’ll discontinue assist for USDC on the Circulate (Cadence) blockchain efficient September 3, 2024, resulting from an upcoming community improve. In line with Circle, the minting of USDC on Circulate will proceed till August 27, 2024, at midday ET.

Affect on USDC Holders

Circle has urged Circle Mint clients, retail USDC holders, and non-Circle clients who maintain USDC on Circulate to switch their tokens to different blockchains earlier than the September 3 deadline. On this date, Circle will freeze all remaining USDC on Circulate and take a snapshot of all balances. Handbook redemptions based mostly on this snapshot will start on September 4, 2024.

Actions Required

Circle Mint Prospects: Circle will assist the switch of USDC from Circulate to different blockchains till the September 3 deadline. Publish-deadline, customers might want to interact in a handbook redemption course of by Circle.

Retail USDC Holders & Non-Circle Prospects: Since Circle primarily serves enterprise and institutional clients, retail holders and non-Circle clients are suggested to go to Circulate’s web site for swap choices.

Dapper Pockets Customers: Many USDC holders on Circulate use Dapper. These customers ought to go to Dapper’s newsroom for extra particulars.

Publish-Deadline Procedures

Particulars for the redemption course of can be out there on Circle’s Assist Heart beginning September 4, 2024. Circle advises all certified Circle Mint clients, USDC holders, and non-Circle clients to confer with its official weblog and Assist Heart to keep away from potential scams.

Future Plans

Regardless of the discontinuation, Circle emphasizes its dedication to supporting the Circulate ecosystem and its customers. The corporate goals to increase USDC’s attain, providing the broadest developer selection and a safe consumer expertise.

For extra particulars, go to the official announcement on Circle’s web site.

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