Circle, the issuer of the USDC stablecoin, has announced that this can cease supporting its stablecoin on the Drift blockchain efficient September 3, 2024. In a blog post on August 5, Circle announced that its resolution to cease supporting USDC on Drift is attributable to the upcoming Crescendo upgrade. The USD-pegged stablecoin will continue to be minted on Drift until August 27, 2024, at 12:00 PM ET.
Once the cut-off date arrives, the stablecoin issuer will freeze all available in the market USDC on Drift. A snapshot exhibiting the balances of business users and institutional purchasers on the network will attend facilitate redemptions, which is spirited to open up on September 4, 2024. Circle notes in its blog post that it most interesting serves industrial and institutional purchasers. So Drift has supplied an clarification of what’s next for its USDC holders and non-Circle customers with balances on the blockchain.
In keeping with the Drift change, the Drift team will in all probability be issuing a new wrapped token on the network throughout the next seven days. The wrapped token will in all probability be backed by USDC connected to the Ethereum network, permitting USDC holders to exchange them sooner than the September 3 change.
Image: FinTech Futures
