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Circle Launches Bridging Standard for Stablecoin Deployment on New Networks
Blockchain Platform Circle has announced a major protocol upgrade and launch of its Bridging Standard aimed to provide its stablecoins with enhanced interoperability. With the new enhancement, users will be able to deploy and use its stablecoins, such as USDC, on new networks. According to a press release shared with CryptoPotato, the Bridging Standard will open up a new range of opportunities with its multi-directional transfers, fast transaction finality, and immutability. The Bridging Standard will allow users to tokenize assets – such as native tokens or USDC – on different networks in a secure and compliant way. With its deployment, users will be able to take advantage of features on a new network such as decentralized finance (DeFi) without losing control over their assets. With the Bridging Standard, users will be able to deploy their stablecoin directly to any chain that supports the protocol. For example, when a user sends USDC from Ethereum to a new smart contract based on the Bridging Standard, the user will be able to converge on the new network immediately. This means users will not be required to trade or use a third-party service to switch tokens. The user will also be able to use the new token on the new network. Likewise, users will be able to initiate reverse transfers to Ethereum with the same degree of convenience. The Bridging Standard is part of Circle’s strategy to upgrade its international stablecoin, USDC, with enhanced cross-chain features. By doing so, Circle aims to expand its customer base and functionality.