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Circle to Discontinue USDC Support on Flow Blockchain Amid Network Upgrade

Blockchain

Business Honor
07 August, 2024

Circle Users Urged to Transfer Funds Ahead of September 3 Deadline, as it Stops USDC Support for Flow Blockchain

Circle has announced it will discontinue support for USDC on the Flow (Cadence) blockchain effective September 3, 2024, at 3 a.m. ET, in light of an upcoming network upgrade. The minting of USDC on Flow will be available until August 27, 2024, at noon ET.

Circle is urging all Circle Mint customers, retail USDC holders, and non-Circle customers with USDC on Flow to transfer their funds to other blockchains before the September 3 deadline. On that date, Circle will freeze all remaining USDC on Flow, take a snapshot of USDC balances, and begin processing any remaining redemptions manually based on the snapshot.

The manual redemption process is set to commence on September 4, 2024. To qualify for redemption, USDC holders on Flow must meet Circle's compliance and security requirements, possess a holder-controlled wallet, and ensure their wallet address is included in the snapshot taken on September 3.

Circle will assist Circle Mint customers in transferring USDC from Flow to other blockchains until the September 3 deadline. Post-deadline, users will need to initiate the manual redemption process through Circle to retrieve their USDC.

This decision marks a significant change for USDC users on Flow, emphasizing the importance of transferring funds promptly to avoid complications and ensure smooth transitions to other blockchains. Circle remains committed to supporting its customers throughout this process; ensuring security and compliance are maintained during the transition.