Bitlayer USDC Token Contract Update Announcement

Dear Bitlayer Community,

In alignment with Circle’s protocol requirements and to strategically integrate Circle into our ecosystem, Bitlayer is preparing for a significant update involving the USDC Token. This change is essential for expanding our ecosystem’s influence and ensuring long-term stability. Please find the key details below:

1. Token Contract Replacement:

   Bitlayer will be replacing the contract for the existing USDC Token. The tokens associated with the old contract will be renamed USDC.e on official platforms and in major community projects. The new token will retain the USDC name.

2. 1:1 Token Conversion:
   We will provide an official exchange portal where users can convert USDC.e to the new USDC at a 1:1 ratio, ensuring a smooth transition of assets for users.

3. Support for New USDC Only:
   After the contract replacement, the official cross-chain bridge and major DeFi projects will no longer support USDC.e. Instead, they will support the new USDC.

4. Transition Timeline:
   The exact date for the contract replacement will be announced in an upcoming communication. We encourage you to stay tuned to our latest updates to ensure you are informed about the timeline.

5. Security and Compliance:
   During this transition, certain functionalities on the Bitlayer chain, including transfers, transactions, and deposits/withdrawals, may be temporarily impacted. Rest assured that all operations during this update will fully comply with regulatory requirements, and your asset security will be our utmost priority. We will work diligently to minimize any potential disruptions.

We will release a detailed guide to assist you in converting your existing assets to the new USDC Token smoothly.

For any questions or concerns, please feel free to reach out to Bitlayer community administrators or engage with other members in the community.

Thank you for your continued support as we make these necessary improvements to strengthen the Bitlayer ecosystem.

Best regards,
The Bitlayer Team

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