Bring bridged USDC to your blockchain
Circle’s specification and process for deploying bridged USDC on EVM blockchains enables optionality for a future upgrade to native issuance.1
import './FiatTokenV1.sol';
/**
\* @title FiatTokenV2 \*
@dev ERC20 Token backed by fiat reserves
**/
contract FiatTokenV2 is FiatTokenV1 {
bool public newBool;
address public newAddress;
uint256 public newUint;
bool internal initializedV2;
function initialize(
string _name,
string _symbol,
string _currency,
uint8 _decimals,
address _masterMinter,
address _pauser,
address _blacklister,
address _owner,
bool _newBool,
address _newAddress,
uint256 _newUint )
public {
super.initialize(_name, _symbol, _currency, _decimals, _masterMinter, _pauser, _blacklister, _owner);
initV2(_newBool, _newAddress, _newUint);
}
function initV2(bool _newBool, address _newAddress, uint256 _newUint) public {
require(!initializedV2);
newBool = _newBool;
newAddress = _newAddress;
newUint = _newUint;
initializedV2 = true;
}
...
Bridged to native
Benefits for the whole ecosystem
Fonctionnement
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.3
Upon obtaining ownership, Circle upgrades bridged USDC to native USDC and seamlessly retains existing supply, holders, and app integrations.3
How to get started
If you’re a new blockchain team or a third-party bridge deployer working closely with one, dive into our implementation guide to learn how to deploy a bridged USDC contract that follows the standard today, or reach out to us on Discord.
FAQ
No. Bridged USDC Standard grants Circle the option, but not the obligation, to obtain ownership of the token contract and upgrade to native USDC. Circle’s decision to upgrade a blockchain from bridged USDC to native USDC may subject the blockchain to additional terms and conditions.
Unfortunately, no. At this point, an existing bridged USDC token contract cannot be upgraded to match Bridged USDC Standard if the original contract deployment did not follow the standard’s technical requirements.
Yes, absolutely. Blockchain teams may benefit from the technical expertise and resources that third-party bridge providers can provide for deploying a bridged USDC token contract that follows Bridged USDC Standard.
There is no exact threshold of supply or holders. Circle evaluates an assortment of factors prior to considering a native deployment of USDC, or in this case, an upgrade of bridged USDC to native USDC. In general, both the size and growth rate of bridged USDC supply, holders, and apps supported will contribute to how Circle prioritizes native issuance for USDC.
While it’s true that the standard can be followed to deploy bridged USDC on any EVM blockchain, USDC already exists natively in the Cosmos and Polkadot ecosystems:
- USDC for the Cosmos ecosystem is natively issued on Noble and can be transferred to Cosmos appchains via Inter-Blockchain Communication (IBC).
- USDC for the Polkadot ecosystem is natively issued on Asset Hub and can be transferred to Polkadot parachains via Cross-Consensus Messaging (XCM).
As such, Circle intends for USDC to be accessed via the established protocols in each ecosystem. However, each sovereign appchain and parachain is free to choose if they prefer to deploy a bridged USDC token contract.
We’re also open to collaborating with the community on other approaches to help solve this shared problem, such as xERC-20 (aka ERC-7281).
Please reach out on Discord to help us assess further improvements and extensions. We welcome all feedback and innovative approaches from the community.
You may provide Circle suggestions, comments, or other feedback (“Feedback”) with respect to Circle products or services. You agree that all Feedback is and shall be given entirely voluntarily and that Circle shall be free to use any Feedback provided to it, without obligation or restriction of any kind on account of intellectual property rights or otherwise.
1 Bridged USDC Standard grants Circle the option, but not the obligation, to obtain ownership of the token contract and upgrade to native USDC. Additionally, Bridged USDC Standard must be incorporated prior to deploying a bridged USDC token contract as it cannot be retroactively applied. The requirements provided are for informational purposes only and will apply should Circle choose to upgrade a particular form of bridged USDC to native USDC. These requirements do not constitute an offer to upgrade a particular form of bridged USDC. Circle’s decision to upgrade a particular form of bridged USDC to native USDC may be subject to additional terms and conditions. As noted in Section 8 of the USDC Terms of Use, bridged forms of USDC are subject to certain risks and are not issued by Circle.
2 The target blockchain will undergo Circle’s internal Blockchain Due Diligence Process. That process involves reviews for both compliance and risk factors, as well as coverage for legal and technology risks, prior to approval. The diligence focuses on crypto and blockchain nuances, and an assessment of the strategic, financial, operational, technology, legal, and regulatory risks that are present.
3 During the transition from bridged USDC to native USDC, Circle will securely burn the native USDC that was locked in the bridge smart contract on the origin chain (e.g. Ethereum).
* See licenses here