Company
Date Published
Author
Team Circle
Word count
820
Language
English
Hacker News points
None

Summary

Sonic, a high-performance EVM Layer-1 blockchain launched in December 2024, is set to transition from a Bridged USDC Standard to native USDC, bolstered by support for CCTP V2. This upgrade will enhance Sonic's capabilities, allowing seamless, capital-efficient USDC transfers across various blockchains, including Avalanche, Base, Ethereum, and Linea. Sonic, known for its rapid growth and significant activity, hosts over $480 million in bridged USDC and nearly $1 billion in Total Value Locked across more than 125 decentralized applications, encompassing DeFi, payments, and NFT marketplaces. The shift to native USDC aims to reduce liquidity fragmentation and improve utility for developers, apps, and users, with the process requiring no action from them. The upgrade will involve pausing bridging activity, transferring ownership of the bridged USDC contract to Circle, and deploying CCTP V2 on Sonic, ultimately providing a smooth transition with no need for code changes or asset swaps.