Circle to Discontinue USDC Support on Flow Blockchain During Network Upgrade

Circle has announced that it will be discontinuing support for USDC on the Flow (Cadence) blockchain starting September 3, 2024 due to an upcoming network upgrade. USDC minting on Flow will continue until noon ET on August 27, 2024, according to Circle.

Impact on USDC Holders

Circle has urged Circle Mint customers, retail USDC holders, and non-Circle customers holding USDC on Flow to migrate their tokens to another blockchain before a deadline of September 3. On that date, Circle will freeze all remaining USDC on Flow and take a snapshot of all balances. Manual redemptions based on this snapshot will begin on September 4, 2024.

Action required

Dear Circle Mint Customers: Circle will support transferring USDC from Flow to other blockchains until the deadline of September 3. After the deadline, users will need to engage in a manual redemption process through Circle.

Retail USDC holders and non-circle customers: Since Circle primarily serves corporate and institutional clients, retail holders and non-Circle clients are encouraged to visit the Flow website to check out swap options.

Dapper Wallet Users: Many USDC holders on Flow use Dapper. These users should visit Dapper’s newsroom for more information.

Procedure after the deadline

More information about the redemption process will be available on Circle’s Help Center starting September 4, 2024. Circle encourages all eligible Circle Mint customers, USDC holders, and non-Circle customers to refer to the official blog and Help Center to avoid potential scams.

future plan

Despite the disruption, Circle emphasizes its commitment to supporting the Flow ecosystem and its users. The company aims to expand the reach of USDC by providing the widest range of developer choices and a secure user experience.

For more information, please visit the official announcement on the Circle website.

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