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 Stream (Cadence) blockchain efficient September 3, 2024, because of an upcoming community improve. In line with Circle, the minting of USDC on Stream will proceed till August 27, 2024, at midday ET.

Impression on USDC Holders

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

Actions Required

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

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

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

Submit-Deadline Procedures

Particulars for the redemption course of can be out there on Circle’s Assist Middle beginning September 4, 2024. Circle advises all certified Circle Mint clients, USDC holders, and non-Circle clients to check with its official weblog and Assist Middle to keep away from potential scams.

Future Plans

Regardless of the discontinuation, Circle emphasizes its dedication to supporting the Stream ecosystem and its customers. The corporate goals to increase USDC’s attain, providing the broadest developer selection and a safe consumer expertise.

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

Picture supply: Shutterstock