Overview

Circle and Digital Asset have partnered to develop and implement a USDC token on Canton Network. This implementation requires users to send USDC on L1 chains (starting with Ethereum) to the Circle’s xReserve contract which is then created as a USDC token on Canton Network. Conversely a withdrawal request for a USDC token on the Canton Network will result in the release of the asset on the destination chain. During the existence of the USDC token on Canton Network, it is available for use in financial transactions.

USDC on Canton Network represents USDC locked by Circle on the original L1 chain. And this token on Canton Network, is in the form of a Canton Network Standard Token (CIP-0056.) as defined through the Digital Asset Utilities service.

The documents contained here describe how to mint and burn USDC on the Canton Network.