Hashport Bridged USDC (Hedera)
USDC[HTS]
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USDC[HTS] (Hashport Bridged USDC on Hedera) represents a legacy bridge-wrapped derivative of Circle's USDC that suffers from severe liquidity drain, lack of active development, and a critical structural depeg. The asset trades significantly below its $1.00 par value ($0.74–$0.82) with negligible daily trading volume, reflecting an unresolved failure in redemption confidence and peg maintenance. Furthermore, the ecosystem has shifted almost entirely to native USDC on Hedera, leaving USDC[HTS] functionally obsolete without active community engagement, dedicated governance, or bridge audits. Although backed at the base layer by Circle's regulated stablecoin and running on Hedera's enterprise infrastructure, the bridge wrapper layer presents severe structural and counterparty risks.
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Security & Audits
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About Hashport Bridged USDC (Hedera) (USDC[HTS])
USDC[HTS] (Hashport Bridged USDC) is a bridge-wrapped derivative of Circle's USD Coin (USDC) deployed on the Hedera network via the Hashport bridge. Designed to facilitate USD-denominated liquidity across Hedera-based decentralized finance platforms, such as HeliSwap, the token functions as a secondary representation backed by bridged assets rather than a direct, native issuance from Circle.
The token has experienced severe structural obsolescence and market decline as user activity and capital on Hedera have shifted toward native USDC. USDC[HTS] has suffered a sustained depeg from its $1.00 par value, trading significantly below peg in the range of $0.53 to $0.82, which represents a drawdown of over 70% from its all-time high of $2.94. Market metrics indicate thin liquidity, near-zero daily trading volume, a lack of active software development, and an absence of dedicated community or on-chain governance structures.
In March 2023, USDC[HTS] was directly involved in a security incident following an exploit of Hedera's smart contract service precompile. The attacker utilized the Hashport bridge to move stolen assets, explicitly including USDC[HTS], to Ethereum, resulting in approximately $5.25 million worth of tokens being drained. As a precaution during the incident, the Hashport bridge was suspended and mainnet proxies were temporarily disabled. The token remains subject to counterparty risks tied to Hashport's custody and bridge mechanics, with no token-specific bridge audits documented.