So I bridged USDC from ETH to Asset Hub and I received a "Foreign" asset that I can't use? What's going?

[karam2022]

[alistair-singh]

Hi @karam2022,

The technical explanation:
This is by design. Snowbridge is not authorized to mint more Native USDC(Asset ID: 1337) on Asset Hub. That asset is controlled by a multi-sig that is owned by Circle, the creators of USDC. Every asset bridged from Snowbridge has a wrapped representation in the foreign assets pallet and is pegged to the equivalent value of the original asset in this Ethereum account. This means that the value of the wrapped asset on asset hub is always the same as the value of the origin asset.

As user what can you practically do?

1. You can swap USDC(Snowbridge version) for USDC(Circle version) on Hydration or StellaSwap or the asset conversion pallet on asset hub. We plan to set up pools here where they do not currently exist. We can accelerate this process if the community needs us to.
2. You can engage with the dapp that requires USDC(Circle version) to also accept USDC(Snowbridge version) as they are equivalent. Again we are happy to help reach out dapp teams to get this done.

So whats your actual use case for the bridged USDC?