Jessie A Ellis
Aug 05, 2024 16:39
Circle pronounces the discontinuation of USDC assist on the Circulation blockchain on account of an upcoming community improve, efficient September 3, 2024.
Circle has introduced that it’ll discontinue assist for USDC on the Circulation (Cadence) blockchain efficient September 3, 2024, on account of an upcoming community improve. Based on Circle, the minting of USDC on Circulation will proceed till August 27, 2024, at midday ET.
Affect on USDC Holders
Circle has urged Circle Mint prospects, retail USDC holders, and non-Circle prospects who maintain USDC on Circulation to switch their tokens to different blockchains earlier than the September 3 deadline. On this date, Circle will freeze all remaining USDC on Circulation 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 assist the switch of USDC from Circulation to different blockchains till the September 3 deadline. Put up-deadline, customers might want to have interaction in a guide redemption course of by means of Circle.
Retail USDC Holders & Non-Circle Clients: Since Circle primarily serves enterprise and institutional prospects, retail holders and non-Circle prospects are suggested to go to Circulation’s web site for swap choices.
Dapper Pockets Customers: Many USDC holders on Circulation use Dapper. These customers ought to go to Dapper’s newsroom for extra particulars.
Put up-Deadline Procedures
Particulars for the redemption course of will probably be obtainable on Circle’s Assist Heart beginning September 4, 2024. Circle advises all certified Circle Mint prospects, USDC holders, and non-Circle prospects to check with its official weblog and Assist Heart to keep away from potential scams.
Future Plans
Regardless of the discontinuation, Circle emphasizes its dedication to supporting the Circulation ecosystem and its customers. The corporate goals to broaden 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
