Users can permissionlessly deploy the standard to migrate USDC or EURC onto EVM-compatible chains\n<\/p>\n
Circle has deployed a bridged token contract for USDC, the second-largest centralized stablecoin, in a bid to service emerging and future networks.<\/p>\n
Announced on Nov. 21, the bridged USDC standard allows Ethereum Virtual Machine (EVM)-compatible chains to quickly and permissionlessly migrate the stablecoin onto their network. The standard allows third parties to lock USDC on Ethereum or another network, and bridge corresponding tokens onto their network.<\/p>\n
Unlike native USDC, tokens using the bridged standard are not redeemable for USD nor are they compatible with Circle\u2019s Cross-Chain Transfer Protocol.<\/p>\n
\u201cMany more blockchains may emerge and rise to prominence over the next several years,\u201d Circle said<\/a>. \u201cWhile bridged USDC is unofficial and not issued nor redeemable by Circle, it serves as a proxy to USDC that\u2019s extensible to any ecosystem where bridging is made possible. This helps developers bootstrap stablecoin liquidity for their applications and enables users to begin exploring new use cases early.\u201d<\/p>\n Several rising Layer 2s have already implemented Circle\u2019s bridged USDC standard, including Linea, Scroll, and Kroma.<\/p>\n \u201cGoodbye and good riddance to USDC liquidity fragmentation,\u201d Linea tweeted<\/a>. \u201cUSDC\u2019s bridged token standard will revolutionize the stablecoin experience on L2s.\u201d<\/p>\n Users can also leverage the bridged USDC standard to migrate Circle\u2019s EURC stablecoin across EVM chains.<\/p>\n The launch comes as Circle is expanding the presence of its stablecoins across the web3 ecosystem.<\/p>\n USDC is now issued natively across 15 different networks, up from eight 12 months ago. Circle launched a flurry of integrations<\/a> in September and October, including on leading Ethereum Layer 2s<\/a> in Arbitrum, Optimism, and Base, in addition to \u201cLayer 0<\/a>\u201d networks Polkadot and Cosmos.<\/p>\n However, Circle noted the rapid proliferation of new Ethereum scaling solutions and Layer 1 blockchains, conceding that new native USDC deployments could struggle to keep pace with the emergence of new networks.<\/p>\nUSDC expansion<\/h2>\n