Top US-based crypto exchange Coinbase is unveiling instant global transfers of the stablecoin USDC via social media apps. In a new blog post, Coinbase says that users of its crypto wallet can now instantly send money across the world without having to deal with the complexities of bank transfers. According to Coinbase, the money can […]
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A gaming-focused Ethereum (ETH) sidechain is integrating with Binance Pay as a means of making wallet funding easier for consumers. In a new blog post, Ethereum sidechain Ronin (RON) says that it is collaborating with the world’s largest crypto exchange by volume to make it easier to fund the Ronin crypto wallet. According to Ronin, […]
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Stablecoin company Circle says that USDC is now more accessible following the launch of the Cross-Chain Transfer Protocol (CCTP) on the Cosmos (ATOM)-based blockchain Noble. Circle created CCTP to facilitate the movement of the dollar-pegged USDC across different blockchains and Noble is an app chain, a network built to power a single app, that enables […]
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Payments platform Circle is collaborating with a Japanese financial giant as the nation gears up for a full-scale introduction of stablecoins. In a new press release, Circle says that it will be partnering up with SBI Holdings as a means of introducing its stablecoin USDC and other web3 services into the Japanese market after the […]
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Leading crypto analytics firm Santiment says that the largest Tether whales have been gobbling up the stablecoin USDT in the past six months. Santiment notes that the top 100 USDT addresses have added $1.67 billion worth of the top stablecoin by market cap over a six-month period, indicating a nearly 10% rise in buying power. […]
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A Solana (SOL) competitor is suddenly soaring amid news that stablecoin issuer Circle (USDC) is investing in the blockchain project. The Sei Network (SEI), the new layer-1 blockchain that claims to be a blockchain faster than Solana, reached a high of $0.250 after the Circle announcement, a more than 110% increase from its value of […]
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The firm behind the second-largest dollar-pegged crypto asset by market cap is launching a new token standard for their stablecoin. According to a new announcement, Circle is introducing the Bridged USDC Standard, a new standard and process for deploying a bridged form of USDC on Ethereum Virtual Machine (EVM) blockchains. Circle says that the bridged USDC […]
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Circle published a new standard that allows developers to launch an unofficial bridged version of USDC that can later become native and official.
Circle has launched a new standard to streamline the process of launching its stablecoin, USDC, on new networks, according to a Nov. 21 blog post.
The new “bridged USDC standard” allows developers to launch the token through a two-phase process. In the first phase, the third-party developer has control of the token contracts, and the token on the new network is backed by a native version on another network. In the second phase, Circle takes control of the contracts, and the token becomes backed directly by Circle’s reserves. The second phase may not occur with all deployments.
Introducing Bridged USDC Standard, a new way to expand access to $USDC & reduce fragmentation.
— Circle (@circle) November 21, 2023
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.https://t.co/suSgllMQoQ
According to the post, the token produced in the first phase will be “unofficial and not issued nor redeemable by Circle,” but will serve “as a proxy to USDC that’s extensible to any ecosystem where bridging is made possible.” If Circle and the third-party developer later decide they want to make the token official, they can “seamlessly upgrade to native issuance in the future.”
Circle said it's releasing the standard to eliminate the need for “migrations,” where users must swap an unofficial version of USDC for an official version after it becomes available. If developers use the new standard, migrations should become unnecessary, as it allows the unofficial tokens already held in a user’s wallet to become official.
The standard’s Github documentation requires developers to use a bridge with upgrade functionality for specific functions and refrain from upgrading the bridge once the token is issued.
Related: Stablecoin issuer Circle weighing up 2024 public launch: Report
Once the developer and Circle decide to transition the token to an official version, the third-party developer can freeze new mints on the bridge and “reconcile in-flight bridging activity to harmonize the total supply of native USDC.” Ownership of the contract can then be transferred to Circle, at which point the native coins backing the tokens on the new network will be burnt, causing the new network’s tokens to be backed directly by Circle’s reserves.
In September, Circle launched a native Base network version of USDC. In October, it did the same for Polygon.
Stablecoin issuer Circle is investing in a new layer-1 blockchain as a means of expanding the use cases for USDC, its dollar-pegged digital asset. In a new company blog post, the Sei Network (SEI) – which claims to be the fastest blockchain in the world – says that Circle’s venture capital branch is investing in […]
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Tron (TRX) founder Justin Sun is offering a 5% white hat bounty to the hacker who exploited the exchange Poloniex for $125 million in crypto. Sun, who acquired Poloniex in 2019, says that the hacker has a week to accept the offer and return the assets to the wallets he took them from, otherwise, law […]
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