Michele from Harmonic Labs has been working on a CIP standard to create ERC20 like tokens on Cardano.

https://twitter.com/MicheleHarmonic/status/1747637866245521725

As ERC20 tokens behave differently to how tokens do on Cardano, we need a different method of having them implemented without changing Cardano underlying structure. This CIP created and demonstrated by Michele in collaboration with Matteo from Fluid Tokens is a proof of concept to the development required on the Cardano side to implement tokens such as USDC and USDT which both have the ability to clawback and freeze assets on chain in a users wallet.

Now that we have a technical implementation of what is needed, what else is needed? What comes next to see USDC on Cardano?

Timestamps 00:00 Intro 00:34 ERC20-like token 01:23 Matteo from Fluid Tokens 02:20 Flow of freezing assets 03:01 What's next? Leave a comment

I am aware that there have been further conversations around the implementation requirements, analysis of bridge USDC and other stablecoins to spark the interest of companies like Circle to come in and implement USDC. We are in a chicken before the egg scenario. We need USDC or USDT to bring in more liquidity, but we need liquidity to have USDC or USDT.

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