On June 19th, according to official sources, Flow released an update on the testnet migration: while preparing for the upcoming Crescendo testnet upgrade, we discovered that a core smart contract, FiatToken, had not been upgraded for the Cadence 1.0 migration. FiatToken is a critical dependency for hundreds of contracts.

To avoid interruptions to contracts that depend on this smart contract and to improve the development experience for builders on Flow, the testnet upgrade has been temporarily postponed while we work with the contract owners to upgrade. Once we have a clear roadmap and timeline, the community will be informed in a timely manner.