Crypto Assets Security: How to Identify Whether a Stablecoin is an Official Native Asset

Recently, some users discovered that the USDT and USDC on the FTM chain are actually issued by a certain cross-chain protocol, which has raised concerns among many people. When using Crypto Assets, ensuring asset security is crucial. Therefore, understanding the blockchain network where the Crypto Assets are located and the officially supported cross-chain bridges has become particularly necessary. This article will explore how to determine whether the stablecoins on each chain are officially issued native assets and how to ascertain their cross-chain bridge support.

Official Native Support for USDC

The official USDC website provides detailed information. In its Frequently Asked Questions (FAQ) section, it clearly lists the 8 blockchain networks natively supported by USDC: Ethereum, Solana, Avalanche, Tron, Algorand, Stellar, Flow, and Hedera. USDC on any other chains besides these are bridge assets.

It is worth noting that although USDC on a certain chain has received official support and can be deposited and withdrawn directly through official accounts, it is still bridged by the official chain rather than natively issued. However, the official willingness to provide support indicates a certain level of recognition for its security.

Native Support Chain of USDT

The transparency page of the USDT official website lists all natively supported blockchain networks. This includes "Omni", which is often mentioned as the predecessor of BRC20. In fact, USDT was originally issued on Bitcoin/Omni.

Cross-chain Bridge Support for Non-native Assets

For non-native asset chains, we can check their cross-chain bridge support status through a certain data platform. In the stablecoin tab of that platform, after selecting USDC, you can see the cross-chain bridge support information for USDC on various chains.

If relevant information cannot be found on the platform, you can search using a search engine or a blockchain explorer. For example, the block explorer of a certain chain directly indicates the supporters of USDC on that chain.

Stablecoins on L2 Networks

It is worth noting that currently, the stablecoins on mainstream L2 networks are still non-native. However, due to the specific technology that L2 networks are based on, their bridged assets are generally safer compared to L1 networks. Relevant assessment tools can be used to get a simple understanding of their risk status.

This also explains why some users are dissatisfied with the progress of a certain L2 team.

Conclusion

In summary, to ensure asset security, it is recommended to hold native assets of mainstream blockchain networks as much as possible. Otherwise, there may be the risk of "Not your keys, not your coins. But your coins are issued by a third-party bridge!"