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.

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