Circle to Cease USDC Support on Flow Blockchain Amid Network Upgrade

Circle
has
announced
that
it
will
discontinue
support
for
USDC
on
the
Flow
(Cadence)
blockchain
effective
September
3,
2024,
due
to
an
upcoming
network
upgrade.
According
to
Circle,
the
minting
of
USDC
on
Flow
will
continue
until
August
27,
2024,
at
noon
ET.

Impact
on
USDC
Holders

Circle
has
urged
Circle
Mint
customers,
retail
USDC
holders,
and
non-Circle
customers
who
hold
USDC
on
Flow
to
transfer
their
tokens
to
other
blockchains
before
the
September
3
deadline.
On
this
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.

Actions
Required

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

Retail
USDC
Holders
&
Non-Circle
Customers:
Since
Circle
primarily
serves
business
and
institutional
customers,
retail
holders
and
non-Circle
customers
are
advised
to
visit
Flow’s
website
for
swap
options.

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

Post-Deadline
Procedures

Details
for
the
redemption
process
will
be
available
on
Circle’s
Help
Center
starting
September
4,
2024.
Circle
advises
all
qualified
Circle
Mint
customers,
USDC
holders,
and
non-Circle
customers
to
refer
to
its
official
blog
and
Help
Center
to
avoid
potential
scams.

Future
Plans

Despite
the
discontinuation,
Circle
emphasizes
its
commitment
to
supporting
the
Flow
ecosystem
and
its
users.
The
company
aims
to
expand
USDC’s
reach,
offering
the
broadest
developer
choice
and
a
secure
user
experience.

For
more
details,
visit
the
official
announcement
on

Circle’s
website.

Image
source:
Shutterstock