Circle, the company behind the USDC stablecoin, has unveiled the Bridged USDC standard, a process and a protocol for implementing a bridging version of USDC on the EVM blockchain that allows Circle to easily issue the original in the future.
Introducing the Bridged USDC Standard, a New Way to Expand Reach $USDC And reduce fragmentation.
The EVM blockchain and Rollup teams can now deploy a bridged USDC token contract with the optionality for Circle to seamlessly upgrade to a future issuance.https://t.co/suSgllMQoQ
– Circle (@circle) 21 November 2023
Thanks to the launch of the Bridged USDC Standard, any EVM blockchain and rollup team can now securely and equitably transfer ownership of a bridged USDC token contract to Circle, allowing the originator at any time at a time agreed upon by both parties. Can easily upgrade to USDC.
Anyone can use the standard to deploy bridged USDC token contracts, including third-party bridge deployers sponsored by Chain or the new L1 and L2 rollup teams. A predefined process that can be extended to bridged EURC token contracts is used to securely transfer ownership of bridged USDC token contracts to Circle.
With billions of dollars worth of liquidity secured, the standard consists of open-source ERC-20 contract code derived from the same audited USDC smart contract.
Circle also noted 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. The two were able to securely transfer ownership of their individually ++bridged USDC token contracts to Circle, effectively emulating the corresponding mainnet process.
The bridged USDC standard aims to be integrated extensively into Rollup as a Service (RaaS) products, so that launching a new blockchain with a pre-built bridged USDC token contract that is compliant with the standard by default is simple. .
Also read: Circle unveils v2.2 upgrade for USDC and EURC