Circle, the issuer of the USDC stablecoin, has introduced that it’ll cease supporting its stablecoin on the Movement blockchain efficient September 3, 2024. In a weblog submit on August 5, Circle introduced that its determination to cease supporting USDC on Movement is as a result of upcoming Crescendo improve. The USD-pegged stablecoin will proceed to be minted on Movement till August 27, 2024, at 12:00 PM ET.
As soon as the deadline arrives, the stablecoin issuer will freeze all accessible USDC on Movement. A snapshot exhibiting the balances of enterprise customers and institutional shoppers on the community will assist facilitate redemptions, which is able to start on September 4, 2024. Circle notes in its weblog submit that it solely serves enterprise and institutional shoppers. So Movement has offered an evidence of what’s subsequent for its USDC holders and non-Circle clients with balances on the blockchain.
Based on the Movement replace, the Movement workforce will probably be issuing a brand new wrapped token on the community inside the subsequent seven days. The wrapped token will probably be backed by USDC linked to the Ethereum community, permitting USDC holders to alternate them earlier than the September 3 replace.
Picture: FinTech Futures