Stargate Finance is a next-generation cross-chain DEX that allows you to trade Ethereum or stablecoins like USDC, USDT and DAI between Ethereum, Binance Smart Chain, Avalanche, Polygon, Fantom, Optimism and Arbitrum. The platform is decentralized and powered by the LayerZero Labs, which uses Stargate's omnichain bridge technology to provide instant and cheap transactions.
The Stargate platform also offers up to 8% APY to deposit stablecoins like USDC on their platform. The yield is paid out in $STG tokens, which is a great way to accumulate a position if you are bullish on this project.
Synapse Protocol Finance
Synapse Protocol is a cross-chain DEX that allows you to trade USDC and USDT between over 10 different networks including Ethereum, Polygon, DFK Chain, Avalanche, Moonbeam, EVMOS and other alternative Layer 1 smart contract platforms. Their multi-chain bridge is the largest by volume, with over $10 billion in value moved between network.
Their disadvantage compared to Stargate Finance is that their fees and slippage are slightly higher. We have found that the average transfer on Synapse Protocol is 15% more expensive than Stargate Finance on average.
Allbridge is a cross-chain bridge that allows you to move USDC from Ethereum to alternative networks like Solana, Polygon, Fuse, EVMOS, Boba Network, Tezos, EOS, CELO, Icon (ICX), METIS, Karura and other platforms. The bridge is completely decentralized and uses smart contracts to facilitate trades. Allbridge also supports other popular ERC20 tokens like Dai, USDC, Tether, and more.
Allbridge is a great option for users looking to bridge USDC to and from smaller networks with lower liquidity. Otherwise, for large swaps to major chains - we recommend Stargate.
Is USDC Bridging Safe?
The USD Stablecoin TRUST Act of 2022 has a risk management framework that includes regular audits by third-party firms, insurance coverage and other measures to ensure that USDC remains fully backed by US dollars. In terms of safety, USDC is about as good as it gets in the crypto world.
As for the bridges themselves, we have found that Stargate Finance and Synapse Protocol are the two most reputable USDC bridges with the highest trading volume. These platforms have been around for a while and have built up a good track record. However, we always recommend that you do your research before using any platform to trade or move your assets.
What is USDC?
USDC is a dollar-backed stablecoin that provides robustness and transparency to the crypto economy. The currency is pegged 1:1 to the US dollar, which means that 1 USDC is always worth $1 USD. USDC is the most popular stablecoin in centralized and decentralized finance because it is issued by Circle, a licensed and regulated financial institution in the United States.
Check our guide on USDC Staking to find the best yields in CeFi and DeFi.
So if you are looking for a way to bridge your USDC from Ethereum to another network - these are the 3 best USDC bridges that we have found. Each platform has its own unique features, but they all provide a safe and easy way to move your USDC from one blockchain to another.
That said, the best overall USDC bridge is Stargate Finance. The platform is decentralized, offers up to 8% APY on deposited USDC and has the lowest fees out of the 3 USDC bridges mentioned in this article.