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Native assets of stablecoins and cross-chain bridges: how to identify and assess potential risks
Exploring the native assets of stablecoins and cross-chain bridges support
Recently, some users unexpectedly discovered that the USDT and USDC on the FTM network are actually issued by Multichain, which has attracted widespread attention. In the cryptocurrency field, asset security is crucial. Therefore, it has become particularly necessary to understand the native nature of stablecoins on various chains and their cross-chain bridge support. This article will explore how to determine whether a stablecoin is an officially issued native asset and how to ascertain the cross-chain bridge support status of non-native assets.
USDC Native Chain Support
The official USDC website clearly states that this stablecoin is a native asset on 8 blockchains: Ethereum, Solana, Avalanche, TRON, Algorand, Stellar, Flow, and Hedera. USDC on other chains is a cross-chain bridges asset.
It is worth noting that although USDC on Polygon has received official support from Circle, allowing direct deposits and withdrawals, it is still bridged through the official Polygon bridge rather than being natively issued. However, Circle's official support somewhat reflects recognition of its security.
Native Chain Support for USDT
The transparency page on the USDT official website lists all the natively supported blockchains. Interestingly, the list includes "Omni", which is considered by some early cryptocurrency participants to be a precursor to BRC20. In fact, USDT was originally issued on BTC/Omni.
Cross-chain Bridges Support for Non-Native Assets
For non-native assets, you can check their cross-chain bridge support on the DeFillama platform. Under the Stablecoins tab on that platform, select a specific stablecoin (such as USDC) to view the cross-chain bridge support for that stablecoin across various chains.
If relevant information cannot be found on DeFillama, you can search for it using a search engine or a blockchain explorer. For example, FTMScan points out that USDC on the FTM network is supported by Multichain.
Stablecoins on Layer 2 Networks
It is worth noting that most stablecoins on mainstream Layer 2 networks are not native assets yet. However, due to the technical characteristics of Layer 2, these bridged assets may be safer compared to typical Layer 1 networks. The risk levels can be assessed through platforms like l2beat.
This also explains why some users are dissatisfied with the slow progress of certain Layer 2 project teams.
Conclusion
Overall, to maximize asset security, it is recommended to hold native stablecoin assets on mainstream blockchains as much as possible. Otherwise, there may be risks such as "Not your keys, not your coins. But your coins are issued by Multichain!" In the world of cryptocurrency, it is crucial to understand the nature and risks of the assets you hold.