UPDATE for September 20, 2024
USDCf on Flow is now USDC.e. In line with the planned transition of USDC on Flow, the network now connects directly to Ethereum via the USDC Standard established by Circle, a critical component in integrating the stablecoin across an interoperable ecosystem. Now, all USDC on Flow is backed directly by this industry-wide standard.
To avoid confusion and streamline recognition across protocols and wallet providers, USDCf will now be referred to as USDC.e. This change aligns with the official Bridged USDC standard from Circle addressing naming discrepancies between front-end interfaces and contract-level integrations.
ORIGINAL ARTICLE
As part of the upcoming Flow Crescendo network upgrade, all ERC-20 compatible tokens on Flow can be used in Cadence smart contracts without special handling and all Cadence fungible tokens on Flow will be ERC-20 compatible. This will ensure that all Flow applications—whether they are built with Solidity, Cadence, or some mix of both—are fully interoperable with the wider web3 ecosystem.
Effective September 3, 2024, at 3 a.m. ET ahead of the Crescendo network upgrade, Circle will cease support for USDC on Cadence, as EVM-based ERC-20 USDC will become naturally compatible across the entire Flow ecosystem. Circle and Flow will offer dedicated resources and support to facilitate this process, ensuring a smooth transition for all users.
We support a new wrapped token on Flow Mainnet backed by USDC on Ethereum, making it easy for current USDC on Cadence holders to swap out ahead of the September 3 network upgrade. This wrapped token will be seamlessly transitioned through the Flow network upgrade to a fully functioning bridged token that continues to be backed by bridged USDC on EVM.
The long-term vision for Flow is an accessible, interoperable network that reduces the operational burden on partners deploying assets like ERC-20-based stablecoins.
What You Need to Do
In preparation and collaboration with Circle, multiple pathways exist to wrap and bridge existing assets in readiness for a seamless transition of your USDC on Flow ahead of the September milestone:
- Deposit to Dapper Wallet as Dapper Balance, backed by USDC, can optionally withdraw to USDC on Ethereum;
- Swap to FLOW on increment.fi;
- Swap to the new wrapped USDC on Flow Port;
- Wait until after September 3 for manual redemption with Circle
We encourage you to join the Flow.com Newsletter for all community updates. For developers, you can read more about the technical implications at our latest forum post. A key goal of the Flow Foundation during this transition is to provide clear guidance and support to ensure a hassle-free transition for all Flow users and creators.
If you have any questions or need further assistance, visit the Flow Help Center for more information, or reach out directly to the Flow developer support team in the Flow Discord.
