Circle Launched New ‘Bridged USDC Standard’

It has been just revealed the fact that Circle has launched a new bridged USDC standard. Check out the latest reports about the matter below.

Circle, the company behind the second-largest dollar-pegged cryptocurrency by market capitalization, has announced the launch of a new token standard for their stablecoin.

The standard is called the Bridged USDC Standard, and it introduces a new process for deploying a bridged form of USDC on Ethereum Virtual Machine (EVM) blockchains.

Circle claims that the standard for bridged USDC is permissionless, equitable, standardized, extensible, secure, and audited.

“Here’s how it works:

Third-party team follows the standard to deploy their bridged USDC token contract.
Bridged USDC is used to bootstrap initial liquidity in the ecosystem and begins to proliferate.
Bridged USDC reaches a significant supply, amount of holders, and number of app integrations.
Circle and third-party team jointly elect to securely transfer ownership of the bridged USDC token contract to Circle.
Upon obtaining ownership, Circle upgrades bridged USDC to native USDC and seamlessly retains existing supply, holders, and app integrations.”

According to Circle, the new token standard for USDC will improve the user experience and make the stablecoin compatible with multiple blockchains via the Cross-Chain Transfer Protocol (CCTP), reducing fragmentation.

The Bridged USDC Standard is already live on Linea and Scroll testnets and mainnets.

Circle plans to expand the standard to support modular EVM architectures and simplify the deployment of new blockchains with a pre-set bridged USDC token contract that is compatible by default.

The goal of the Bridged USDC Standard is to significantly enhance USDC’s evolution and increase its adoption in the blockchain ecosystem.

The crypto space is filled with huge moves and events these days, especially following the past issues that have involved Binance. Stay tuned for more interesting news.