Circle Introduces Bridged USDC Standard on EVM

Circle, the firm behind USDC stablecoin, has unveiled the Bridged USDC Standard, a procedure, and a protocol for implementing a bridging version of USDC on EVM blockchains that allows Circle to easily transition to native issuance in the future.

Introducing Bridged USDC Standard, a new way to expand access to $USDC & reduce fragmentation.EVM blockchain & rollup teams can now deploy a bridged USDC token contract with optionality for Circle to seamlessly upgrade to native issuance in the future.

— Circle (@circle) November 21, 2023

Due to the launch of  Bridged USDC Standard, any EVM blockchain and rollup team can now securely and uniformly transfer ownership of a bridged USDC token contract to Circle, allowing for a smooth upgrade to native USDC at any time both parties decide it’s time.

Anybody can use the standard to deploy a bridged USDC token contract, including third-party bridge deployers sponsored by the chain or new L1 and L2 rollup teams. A predetermined process that can be extended to bridged EURC token contracts is used to safely transfer ownership of a bridged USDC token contract to Circle.

With billions of dollars worth of liquidity secured, the standard is comprised of open-source ERC-20 contract code derived from the same audited USDC smart contract.

Circle also mentioned that the teams at Linea and Scroll have already followed the standard for their bridged USDC token contracts on their respective testnet and mainnet networks. Both were able to carry out a safe transfer of ownership of their individually++ bridged USDC token contracts to Circle, effectively simulating the corresponding mainnet procedure.

The goal of the Bridged USDC Standard is to be extensively integrated into Rollup as a Service (RaaS) products such that launching a new blockchain with a pre-made bridged USDC token contract that complies with the standard by default is simple.

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2023-11-21 19:01