10 months ago
Circle published a caller modular that allows developers to motorboat an unofficial bridged mentation of USDC that tin aboriginal go autochthonal and official.
Circle has launched a caller modular to streamline the process of launching its stablecoin, USDC, connected caller networks, according to a Nov. 21 blog post.
The caller “bridged USDC standard” allows developers to motorboat the token done a two-phase process. In the archetypal phase, the third-party developer has power of the token contracts, and the token connected the caller web is backed by a autochthonal mentation connected different network. In the 2nd phase, Circle takes power of the contracts, and the token becomes backed straight by Circle’s reserves. The 2nd signifier whitethorn not hap with each deployments.
Introducing Bridged USDC Standard, a caller mode to grow entree to $USDC & trim fragmentation.
EVM blockchain & rollup teams tin present deploy a bridged USDC token declaration with optionality for Circle to seamlessly upgrade to autochthonal issuance successful the future.https://t.co/suSgllMQoQ
According to the post, the token produced successful the archetypal signifier volition beryllium “unofficial and not issued nor redeemable by Circle,” but volition service “as a proxy to USDC that’s extensible to immoderate ecosystem wherever bridging is made possible.” If Circle and the third-party developer aboriginal determine they privation to marque the token official, they tin “seamlessly upgrade to autochthonal issuance successful the future.”
Circle said it's releasing the modular to destruct the request for “migrations,” wherever users indispensable swap an unofficial mentation of USDC for an authoritative mentation aft it becomes available. If developers usage the caller standard, migrations should go unnecessary, arsenic it allows the unofficial tokens already held successful a user’s wallet to go official.
The standard’s Github documentation requires developers to usage a span with upgrade functionality for circumstantial functions and refrain from upgrading the span erstwhile the token is issued.
Related: Stablecoin issuer Circle weighing up 2024 nationalist launch: Report
Once the developer and Circle determine to modulation the token to an authoritative version, the third-party developer tin frost caller mints connected the span and “reconcile in-flight bridging enactment to harmonize the full proviso of autochthonal USDC.” Ownership of the declaration tin past beryllium transferred to Circle, astatine which constituent the autochthonal coins backing the tokens connected the caller web volition beryllium burnt, causing the caller network’s tokens to beryllium backed straight by Circle’s reserves.
In September, Circle launched a autochthonal Base web version of USDC. In October, it did the aforesaid for Polygon.
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