Bridged USDC Standard Contracts Are Live on Polygon zkEVM
The contracts will help pave the way for a seamless upgrade to native USDC in the future
Polygon zkEVM now supports the Bridged USDC Standard, designed to make it easier for Layer 2 blockchains to transition to native USDC in the future.
The Bridged USDC Standard was unveiled by Circle earlier this month to help newer EVM-compatible chains and rollups better handle the cold start problem -- the need to bootstrap network activity using bridged stablecoins until the volume is sufficiently large to warrant a native version. The standard is a specification and process for deploying a bridged form of USDC that is capable of being seamlessly upgraded by Circle to native USDC, if and when appropriate.
Deploying a new bridged USDC token contract that follows the standard on Polygon zkEVM will help prevent fragmentation of liquidity in future, if and when Circle is ready for native minting on the network.
How to swap for new bridged USDC
Polygon zkEVM currently has a form of bridged USDC circulating in the ecosystem that does not follow the standard. This is “legacy” bridged USDC that will be progressively phased out in favor of the new “standard-compatible” bridged USDC.
Legacy bridged USDC: 0xA8CE8aee21bC2A48a5EF670afCc9274C7bbbC035
New bridged USDC: 0x37eAA0eF3549a5Bb7D431be78a3D99BD360d19e5
To make this initial migration process easier, there is a way for developers and users to exchange their legacy bridged USDC 1:1 for the new bridged USDC. Beginning early next week, top DeFi protocols on Polygon zkEVM will enable swaps from legacy USDC to standard-compatible bridged USDC.
These are the new contracts that programmatically facilitate the deprecation of legacy bridged USDC:
L1 Escrow: 0x70E70e58ed7B1Cec0D8ef7464072ED8A52d755eB
LxLy Minter & Burner: 0xBDa0B27f93B2FD3f076725b89cf02e48609bC189
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