Cross-Chain Bridge FUD: A Guide to Identifying Native Assets
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Cross-Chain Bridge FUD: A Guide to Identifying Native Assets
How to determine which USDT on a blockchain is the officially issued native asset, and how to verify its cross-chain bridge backing?
Navigating Web3 tides with focused insightsAuthor: CapitalismLab
Editor: TechFlow
Recently, it was discovered that the USDT/USDC on Fantom (FTM) is issued by Multichain, which surprised many. When using cryptocurrencies, ensuring the security of your assets is paramount. Therefore, it's crucial to understand which blockchain hosts your cryptocurrency and which cross-chain bridges are officially supported. In this article, Miaowazhongzi will guide you through identifying whether the USDT/USDC on a given chain are officially issued native assets and how to determine their supporting cross-chain bridges. Here’s the full breakdown:
The USDT/USDC on FTM turns out to be backed by Multichain? Many were shocked to realize their own house had collapsed.
Let’s briefly discuss how to tell if the USDT/USDC on a particular chain are officially issued native assets, and if not, how to identify which cross-chain bridge supports them. SAFU!
USDC: Visit the official website, scroll down to the FAQ section, and you’ll find a statement indicating that USDC is natively issued on 8 blockchains: Ethereum, Solana, Avalanche, TRON, Algorand, Stellar, Flow, and Hedera. On all other chains, USDC is bridged.
Although USDC on Polygon has received official support from Circle, allowing direct deposits and withdrawals from Circle accounts, it is still bridged via Polygon’s official bridge rather than being natively issued. However, Circle’s official endorsement does imply a certain level of confidence in its security.
USDT: Tether’s official Transparency page lists all chains where USDT is natively supported. Note that "Omni" here refers to what OGs have recently been calling the ancestor of BRC20 tokens—USDT was originally issued on BTC/Omni.
For non-native assets, which cross-chain bridge provides support?
We can check DeFiLlama for answers. Navigate to the Stablecoins tab on the left, click on USDC, and you'll see which bridges support USDC across various chains.
If the information isn’t available on DeFiLlama, your next options are Google or blockchain explorers. For example, FTMScan clearly indicates that the USDC on Fantom is supported by Multichain.
By now, you might be surprised to discover that all USDT/USDC on L2s are currently non-native. But don’t panic—L2s are built on XXXXXX technology, meaning that the bridged assets on these major L2s are generally safer compared to those on L1s. You can get a quick risk assessment via l2beat.
Indeed, after reading this, you probably understand that complaints about OP team’s slow progress are not unfounded.
In summary, try to hold native stablecoin assets on major blockchains whenever possible. Otherwise, you end up with: Not your keys, not your coins. But your coins are issued by Multichain!
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