Hidden Risks: How to Identify the Native Asset Attributes of Stablecoins

Recently, some users unexpectedly discovered that USDT and USDC on the FTM network are actually issued by Multichain, which has sparked widespread attention. In the cryptocurrency field, asset security is of utmost importance. Therefore, it becomes particularly important to understand which chain your cryptocurrency is on and whether it is an officially native asset. This article will explore how to determine whether a stablecoin is an officially issued native asset and the cross-chain support situation for non-native assets.

Native Asset Chain of USDC

The official USDC website provides clear information. In its FAQ section, it explicitly lists 8 blockchains that support the native USDC asset: Ethereum, Solana, Avalanche, Tron, Algorand, Stellar, Flow, and Hedera. Any USDC on other chains is a bridged asset.

It is worth noting that although USDC on Polygon has received official support and users can directly deposit and withdraw through Circle accounts, from a technical perspective, it is still an asset bridged by the official Polygon bridge, rather than a native asset. Nevertheless, the official support from Circle indicates a certain level of recognition of the security of Polygon USDC.

The Native Asset Chain of USDT

The official website of USDT lists all blockchains that support native USDT on the transparency page. It is worth mentioning that the "Omni" mentioned among them is actually the pioneer of BRC20, which has been frequently referred to recently. In fact, USDT was originally issued on the Bitcoin/Omni network.

Cross-chain Support for Non-native Assets

For non-native asset chains, we can check their cross-chain bridge support through the DeFillama platform. By selecting USDC in the stablecoin tab of the platform, you can view the cross-chain bridge support for USDC on various chains.

If you can't find relevant information on DeFillama, you can try using a search engine or blockchain explorer to obtain it. For example, FTMScan clearly states that the USDC on this network is supported by Multichain.

Special Cases of Layer 2 Networks

Interestingly, most stablecoins on mainstream Layer 2 networks are not native assets. However, there is no need to worry too much. Due to the advanced technology underlying Layer 2, bridging assets are generally safer compared to Layer 1. Users can briefly understand the related risks through the l2beat platform.

This also explains why some users are dissatisfied with the slow progress of the OP team.

Conclusion

Overall, to maximize asset security, it is recommended to hold native stablecoin assets on mainstream blockchains as much as possible. Otherwise, you may face the dilemma of "not your private key, not your coin," and worse, your assets may be issued and managed by unreliable third parties.