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 makes an important move for the crypto space Circle, the company behind...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
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 makes an important move for the crypto spaceCircle, 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.
Why this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptoGazetteRelated market context
US Secret Service teams up with Circle to recover funds stolen from Binance
The collaboration highlights the growing role of stablecoin issuers in financial crime recovery, emphasizing regulatory and securi...
Bank of England Opens Tokenized Collateral Door With 2027 Deadline for UK Clearing
Key Takeaways: The Bank of England is seeking input on tokenized collateral for central clearing. All tokenizable assets must be e...
Tokenized stocks could follow stablecoins’ growth path over next five years, Flowdesk CEO says
Tokenized stocks' growth could revolutionize financial markets, enhancing liquidity and accessibility, contingent on regulatory an...
Binance Hack: CZ Fires Back at Elon Musk, Cites $1B SpaceX Stake as Coinbase Offers Security Support
The dispute unfolded as Binance worked to contain the October 29 attack, freeze affected assets, and reassure customers that their...
1kx report finds tokenized assets and payments now out-earn blockchains
The shift towards tokenized assets and payments signals a growing integration of blockchain with real-world applications, impactin...
Circle freezes more than $800 million in USDC after $6.3 billion Binance breach
The breach highlights the vulnerability of crypto exchanges, prompting increased scrutiny and potential regulatory actions impacti...