Circle, the maker of USDC stablecoin, has introduced a new bridging standard for its digital token. This standard aims to help developers establish stablecoin liquidity on new networks and addresses the challenges posed by the rapid expansion of blockchain protocols. The bridged USDC token can be deployed on Ethereum Virtual Machine (EVM) compatible protocols and offers the option of being upgraded to its native counterpart in the future. The bridged USDC will not be issued or redeemed through Circle's platform but will serve as a proxy to the regular USDC stablecoin. Developers must follow guidelines to deploy the bridged USDC token contract and if successful, ownership of the asset can be transferred to Circle. Once transferred, the bridged USDC is retired, and a native one is launched in its place. Circle's initiatives aim to reduce liquidity fragmentation and allow for easier access to stablecoin liquidity in the decentralized finance ecosystem.
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