As a seasoned researcher with years of experience in the cryptocurrency and blockchain industry, I find myself constantly intrigued by the ever-evolving landscape of digital assets. The recent announcement by Circle to cease support for USDC on the Flow blockchain by September 2024 has certainly piqued my interest.
As a researcher focusing on digital currencies, I’m sharing the news that Circle, the creator of the US Dollar Coin (USDC), has declared they will discontinue their support for USDC on the Flow blockchain, with the change taking effect on September 3, 2024.
On August 5th, Circle disclosed that they are ending their support for USDC (USD Coin) on the Flow blockchain network because of its upcoming Crescendo upgrade. The minting of this U.S. dollar-backed stablecoin will persist on Flow until August 27, 2024, at 12 pm Eastern Time.
Users who fall under these categories – Circle Mint clients, individuals holding USDC in the U.S., and those not using Circle but have USDC on Flow (Cadence) platform are strongly advised to transfer their USDC from Flow to other blockchains before September 3, 2024, as per a statement by Circle.
Flow’s Crescendo upgrade is expected on Sept. 4, 2024, at 5 am PT.
USDC on Flow
By the specified date, the stablecoin issuer will halt access to all USDC tokens on the Flow blockchain. At this point, a record (snapshot) displaying the balances of individual and institutional customers on the network will be taken. This snapshot will aid in the manual redemption process that will commence on Sept. 4, 2024.
Highlight that Circle’s blog post is aimed at business and institutional clients exclusively. In this regard, Circle has clarified upcoming developments for USDC holders not associated with Circle, as well as other users with balances on the blockchain.
On September 3, 2024, at 3 a.m. Eastern Time, just before the Crescendo network upgrade, Circle will no longer provide support for USDC on Cadence. This is because EVM-compatible ERC-20 USDC will naturally be usable throughout the entire Flow ecosystem. To help with this transition, Circle and Flow have committed resources and assistance to ensure a seamless experience for all users, as stated in their announcement published on August 5.
What next for users?
In seven days, as stated by the latest update from the Flow team, they plan to introduce a freshly wrapped token onto their network.
The wrapped token is supported by USDC that has been transferred over to the Ethereum (ETH) platform. This enables users holding USDC through Flow’s Cadence launch to effortlessly exchange their tokens prior to the September 3 update.
Users have multiple options when preparing their assets for the upcoming Crescendo update. They can deposit assets into the Dapper Wallet, swap their tokens for Flow’s native token FLOW, or invest in the forthcoming wrapped USDC.
Alternatively, they can opt to wait for manual redemption after the Sept. 3 deadline.
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2024-08-05 20:56