Circle to Discontinue USDC Support on Flow Blockchain
Circle has made an announcement regarding the discontinuation of support for USDC on the Flow (Cadence) blockchain, which will come into effect on September 3, 2024. This decision is due to an upcoming network upgrade. Minting of USDC on Flow will continue until August 27, 2024, at noon ET.
Impact on USDC Holders
If you are a USDC holder on Flow, it is crucial to take note that Circle has advised Circle Mint customers, retail USDC holders, and non-Circle customers to transfer their tokens to other blockchains before the deadline of September 3. After this date, all remaining USDC on Flow will be frozen, and a snapshot of balances will be taken. Manual redemptions based on this snapshot will commence on September 4, 2024.
Actions Required
- Circle Mint Customers: Transfer USDC from Flow to other blockchains before September 3. Post-deadline, engage in a manual redemption process through Circle.
- Retail USDC Holders & Non-Circle Customers: Visit Flow’s website for swap options as Circle primarily caters to business and institutional customers.
- Dapper Wallet Users: Check Dapper’s newsroom for specific details if you hold USDC on Flow using Dapper.
Post-Deadline Procedures
Circle will provide detailed information on the redemption process starting September 4, 2024, on its Help Center. It is essential for all qualified Circle Mint customers, USDC holders, and non-Circle customers to refer to the official blog and Help Center to avoid potential scams.
Future Plans
Even with the discontinuation of USDC support on Flow, Circle remains committed to supporting the Flow ecosystem and its users. The company aims to enhance USDC’s accessibility, ensuring the widest selection for developers and a secure user experience.
For additional information, you can refer to the official announcement on Circle’s website.
Hot Take: Stay Informed and Take Action
As a USDC holder on Flow, it is crucial to stay informed about the discontinuation of USDC support by Circle on the Flow blockchain. Take necessary actions before the deadline of September 3, 2024, to avoid any potential issues with your USDC holdings. Stay updated with Circle’s official blog and Help Center to navigate through the post-deadline procedures smoothly and securely.
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