How to Identify and Ensure Asset Security in Encryption: A Comprehensive Analysis of Stablecoin Native Chains and Cross-Chain Bridges

Recently, some users discovered that USDT and USDC on the FTM network are actually issued by Multichain, a finding that has garnered widespread attention. In the world of Crypto Assets, asset security is paramount. Therefore, it becomes particularly important to understand which chain your held Crypto Assets are on, and whether they are supported by officially sanctioned cross-chain bridges. This article will explore how to determine if a stablecoin is an officially issued native asset, and how to ascertain its cross-chain bridge support.

For USDC, the FAQ section of the official website clearly lists 8 blockchains that support native USDC: Ethereum, Solana, Avalanche, TRON, Algorand, Stellar, Flow, and Hedera. USDC on other chains besides these are bridged assets. It is worth noting that although USDC on Polygon has received official support from Circle and can be deposited and withdrawn directly through a Circle account, it is still bridged by the Polygon official rather than natively issued. However, Circle's official support indicates a certain level of recognition of its security.

For USDT, you can view all natively supported blockchains on its official transparency page. Interestingly, the "Omni" protocol mentioned here is referred to by some early participants in the cryptocurrency space as the pioneer of BRC20, and USDT was originally issued on Bitcoin/Omni.

If a stablecoin on a certain chain is not a native asset, what cross-chain bridges support it? We can check this on the DeFiLlama website. By selecting USDC under the Stablecoins tab on the left side of the site, you can see which bridges support USDC on various blockchains. If you can't find relevant information on DeFiLlama, you can try using a search engine or checking a blockchain explorer. For example, FTMScan clearly states that USDC on its network is supported by Multichain.

It is worth noting that most stablecoins on current Layer 2 networks are still non-native. However, due to the advanced technology underlying Layer 2 networks, the bridged assets on these networks are usually more secure than those on Layer 1 networks. Users can easily understand the associated risks through the L2BEAT website.

Overall, in order to maximize asset security, it is recommended to hold native assets on mainstream blockchains as much as possible. Otherwise, you may face a situation where not only are the keys not in your hands, but your Crypto Assets may also be issued by third-party institutions such as Multichain.