The agency behind the second-largest dollar-pegged crypto asset by market cap is launching a brand new token normal for his or her stablecoin.
In keeping with a brand new announcement, Circle is introducing the Bridged USDC Normal, a brand new normal and course of for deploying a bridged type of USDC on Ethereum Digital Machine (EVM) blockchains.
Circle says that the bridged USDC normal is permissionless, equitable, standardized, extensible, safe, and audited.
“Right here’s the way it works:
- Third-party crew follows the usual to deploy their bridged USDC token contract.
- Bridged USDC is used to bootstrap preliminary liquidity within the ecosystem and begins to proliferate.
- Bridged USDC reaches a major provide, quantity of holders, and variety of app integrations.
- Circle and third-party crew collectively elect to securely switch possession of the bridged USDC token contract to Circle.
- Upon acquiring possession, Circle upgrades bridged USDC to native USDC and seamlessly retains present provide, holders, and app integrations.”
Circle additionally says that the brand new token normal for USDC will end in a much less fragmented person expertise, and may make the stablecoin suitable with a number of blockchains by way of the Cross-Chain Switch Protocol (CCTP).
The announcement says the Bridged USDC Normal is already dwell on Linea and Scroll testnets and mainnets. Circle will increase the usual to help modular EVM architectures and simplify the deployment of recent blockchains with a pre-set bridged USDC token contract suitable by default.
The agency goals for the Bridged USDC Normal to be an enormous step ahead in USDC’s evolution and can increase its adoption within the blockchain ecosystem.
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