Circle to Cease USDC Support on Flow Blockchain Amid Network Upgrade

Circle has introduced that it’s going to discontinue help for USDC on the Flow (Cadence) blockchain efficient September 3, 2024, due to an upcoming community improve. In accordance to Circle, the minting of USDC on Flow will proceed till August 27, 2024, at midday ET.

Influence on USDC Holders

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

Actions Required

Circle Mint Clients: Circle will help the switch of USDC from Flow to different blockchains till the September 3 deadline. Submit-deadline, customers will want to interact in a handbook redemption course of via Circle.

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

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

Submit-Deadline Procedures

Particulars for the redemption course of will probably be out there on Circle’s Assist Heart beginning September 4, 2024. Circle advises all certified Circle Mint prospects, USDC holders, and non-Circle prospects to refer to 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 Flow ecosystem and its customers. The corporate goals to broaden USDC’s attain, providing the broadest developer selection and a safe person expertise.

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

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