Circle has announced it will stop supporting USDC on the Flow (Cadence) blockchain, citing an upcoming network upgrade as the reason. The cessation will take effect at 3 a.m. EST on September 3, 2024.
According to official news, Circle will halt the minting of USDC on Flow by noon ET on August 27, 2024. The company strongly recommends that Circle Mint customers, retail USDC holders, and non-Circle customers holding USDC on Flow (Cadence) migrate their USDC to other blockchains before the September 3 deadline.
On the deadline, Circle plans to freeze all remaining USDC on Flow and take a snapshot of all USDC balances on the blockchain. This snapshot will serve as the basis for manually processing any remaining redemption requests, which will commence on September 4, 2024.
To be eligible for the manual redemption process, USDC holders on Flow must meet Circle’s compliance and security requirements, have USDC in a wallet they control, and ensure their wallet address is included in the snapshot of USDC on Flow.
