Circle's Stablecoin Smart Contracts on EVM-compatible blockchains

This repository contains the smart contracts used by Circle's stablecoins on EVM-compatible blockchains. All contracts are written in Solidity and managed by the Hardhat framework.

Table of contents

• Setup
  • Development Environment
  • IDE
• Development
  • TypeScript type definition files for the contracts
  • Linting and Formatting
  • Testing
• Deployment
• Contracts
• FiatToken features
  • ERC20 compatible
  • Pausable
  • Upgradable
  • Blacklist
  • Minting/Burning
  • Ownable
• Additional Documentations

Deployment

carter@laptop:~/Documents/frax/fraxtal-usdc$ yarn forge:broadcast scripts/deploy/deploy-fiat-token.s.sol --rpc-url mainnet
yarn run v1.22.19
$ yarn forge:simulate --broadcast scripts/deploy/deploy-fiat-token.s.sol --rpc-url mainnet
$ forge script -vv --gas-estimate-multiplier $(dotenv -p GAS_MULTIPLIER) --broadcast scripts/deploy/deploy-fiat-token.s.sol --rpc-url mainnet
[⠒] Compiling...
No files changed, compilation skipped
Script ran successfully.

== Return ==
0: contract FiatTokenV2_2 0xF92F9b88238cB890f96366D6Fe008A2ec587D637
1: contract MasterMinter 0xC880F15ad28222bB77BBEeAea077ce8810B09CB1
2: contract FiatTokenProxy 0x6c00BA632b3C5808910B6BB4E6A772f3FC1960c8

== Logs ==
  TOKEN_NAME: 'USDC'
  TOKEN_SYMBOL: 'USDC'
  TOKEN_CURRENCY: 'USD'
  TOKEN_DECIMALS: '6'
  FIAT_TOKEN_IMPLEMENTATION_ADDRESS: '0x0000000000000000000000000000000000000000'
  PROXY_ADMIN_ADDRESS: '0xC4EB45d80DC1F079045E75D5d55de8eD1c1090E6'
  MASTER_MINTER_OWNER_ADDRESS: '0xC4EB45d80DC1F079045E75D5d55de8eD1c1090E6'
  OWNER_ADDRESS: '0xC4EB45d80DC1F079045E75D5d55de8eD1c1090E6'
  PAUSER_ADDRESS: '0xC4EB45d80DC1F079045E75D5d55de8eD1c1090E6'
  BLACKLISTER_ADDRESS: '0xC4EB45d80DC1F079045E75D5d55de8eD1c1090E6'

## Setting up 1 EVM.

==========================

Chain 252

Estimated gas price: 3.000002054 gwei

Estimated total gas used for script: 8865109

Estimated amount required: 0.026595345208933886 ETH

==========================
##
Sending transactions [0 - 13].
⠤ [00:00:00] [#################################################################] 14/14 txes (0.0s)##
Waiting for receipts.
⠠ [00:00:06] [#############################################################] 14/14 receipts (0.0s)
##### fraxtal
✅  [Success]Hash: 0x0adda021b424aafe9f6a4fefcb6a981755ffd4b887016d86f772df437cb8fa63
Contract Address: 0x4723a757955a9B5F1BE2dB07672d14dEB834c403
Block: 4580622
Paid: 0.001282101433777505 ETH (427367 gas * 3.000001015 gwei)


##### fraxtal
✅  [Success]Hash: 0xbfb5a8a2f84c6ed26200ba0f5c22f55dd33653cc43c53ff0a74541282c0f69d3
Contract Address: 0xF92F9b88238cB890f96366D6Fe008A2ec587D637
Block: 4580622
Paid: 0.01533839918948997 ETH (5112798 gas * 3.000001015 gwei)


##### fraxtal
✅  [Success]Hash: 0xc542fd759b5c0938ac2ef9b80bc1cdbef72e6551138c9ad9afaf0934c5cfdfd9
Block: 4580622
Paid: 0.000321405108742025 ETH (107135 gas * 3.000001015 gwei)


##### fraxtal
✅  [Success]Hash: 0xf80c652a263a2a112b2de3b6ed4d8db037ce82354e937af18f254500d1541737
Block: 4580622
Paid: 0.00027439209283596 ETH (91464 gas * 3.000001015 gwei)


##### fraxtal
✅  [Success]Hash: 0x24fda3b6a15f35708dd1764c1d83376b295c03a2f409ce35f3dc9975e011df07
Block: 4580622
Paid: 0.000147627049947135 ETH (49209 gas * 3.000001015 gwei)


##### fraxtal
✅  [Success]Hash: 0xee36f282517581dacfeca94c86e35ac312ec4349bfdc97e7286a9065a8be0877
Block: 4580622
Paid: 0.000104445035337225 ETH (34815 gas * 3.000001015 gwei)


##### fraxtal
✅  [Success]Hash: 0x9f4464e2b680b3ab1916e4813e2ebcd81a250dddb9086af138e8c6ee79d3bd47
Contract Address: 0x6c00BA632b3C5808910B6BB4E6A772f3FC1960c8
Block: 4580622
Paid: 0.001477449499870245 ETH (492483 gas * 3.000001015 gwei)


##### fraxtal
✅  [Success]Hash: 0x6d69cf1a848f74e2a9a219144188e2e1126233bc50ff3931f172cedc8b798dea
Contract Address: 0xC880F15ad28222bB77BBEeAea077ce8810B09CB1
Block: 4580622
Paid: 0.003737401264487 ETH (1245800 gas * 3.000001015 gwei)


##### fraxtal
✅  [Success]Hash: 0x3f8c2b4cd82f35041ba84d279fdaf70074a12d8a59356568f892c39c34dced27
Block: 4580622
Paid: 0.000085035028770175 ETH (28345 gas * 3.000001015 gwei)


##### fraxtal
✅  [Success]Hash: 0x5a69b0c193fcc16a2d5bce459402f2f38b3db96d2ab1f92877299d2cc5871132
Block: 4580622
Paid: 0.00008475602867578 ETH (28252 gas * 3.000001015 gwei)


##### fraxtal
✅  [Success]Hash: 0x9e59236af73cd63205328cac176d269d2693550be0f2a29afe09e70e618f1375
Block: 4580622
Paid: 0.00063309021419545 ETH (211030 gas * 3.000001015 gwei)


##### fraxtal
✅  [Success]Hash: 0x3a56f69d9b791cec263c3c07d6cd759a5d91d5693b704bb804f6ea7f9209000b
Block: 4580622
Paid: 0.00024319208227996 ETH (81064 gas * 3.000001015 gwei)


##### fraxtal
✅  [Success]Hash: 0x41b73c4ef6aa892777488a73f3f3687fafed15ca179e73d9dfbcf7ffb9ff920a
Block: 4580622
Paid: 0.000169797057447985 ETH (56599 gas * 3.000001015 gwei)


##### fraxtal
✅  [Success]Hash: 0x6db844771ed81b4ce746dbc772c3d0f2a86accb95c1a3d9d0666e71f53906e4b
Block: 4580622
Paid: 0.000132885044959425 ETH (44295 gas * 3.000001015 gwei)



==========================

ONCHAIN EXECUTION COMPLETE & SUCCESSFUL.
Total Paid: 0.02403197613081584 ETH (8010656 gas * avg 3.000001015 gwei)

Setup

Development Environment

Requirements:

• Node 16.14.0
• Yarn 1.22.19
• Foundry@f625d0f

$ git clone [email protected]:circlefin/stablecoin-evm.git
$ cd stablecoin-evm
$ nvm use
$ npm i -g [email protected] # Install yarn if you don't already have it
$ yarn install          # Install npm packages and other dependencies listed in setup.sh

IDE

We recommend using VSCode for the project here with these extensions installed.

Development

TypeScript type definition files for the contracts

Types are automatically generated as a part of contract compilation:

$ yarn compile

To generate typing without re-compiling, run

$ yarn hardhat typechain

Linting and Formatting

To check code for problems:

$ yarn static-check   # Runs a static check on the repo.

or run the checks individually:

$ yarn typecheck      # Type-check TypeScript code
$ yarn lint           # Check JavaScript and TypeScript code
$ yarn lint --fix     # Fix problems where possible
$ yarn solhint        # Check Solidity code

To auto-format code:

$ yarn fmt

Testing

Run all tests:

$ yarn test

To run tests in a specific file, run:

$ yarn test [path/to/file]

To run tests and generate test coverage, run:

$ yarn coverage

To check the size of contracts in the repo, run the following command.

$ yarn contract-size # Ignores tests

Deployment

1. Create a copy of the file .env.example, and name it .env. Fill in appropriate values in the .env file. This file must not be checked into the repository.

cp .env.example .env

2. Create a blacklist.remote.json file and populate it with a list of addresses to be blacklisted. This file must not be checked into the repository.

echo "[]" > blacklist.remote.json

3. Simulate a deployment by running the following command

yarn forge:simulate scripts/deploy/deploy-fiat-token.s.sol --rpc-url <testnet OR mainnet>

4. Validate that all transactions to be broadcasted are filled in with the correct values
5. Deploy the contracts by running the following command

yarn forge:broadcast scripts/deploy/deploy-fiat-token.s.sol --rpc-url <testnet OR mainnet>

6. Verify the contracts on an Etherscan flavored block explorer by running the following command. Ensure that ETHERSCAN_KEY is set in the .env file.

yarn forge:verify scripts/deploy/deploy-fiat-token.s.sol --rpc-url <testnet OR mainnet>

Contracts

The FiatToken contracts adheres to OpenZeppelin's Proxy Upgrade Pattern (permalink). There are 2 main contracts - an implementation contract (FiatTokenV2_2.sol) that contains the main logic for FiatToken's functionalities, and a proxy contract (FiatTokenProxy.sol) that redirects function calls to the implementation contract. This allows upgrading FiatToken's functionalities, as a new implementation contact can be deployed and the Proxy can be updated to point to it.

FiatToken features

The FiatToken offers a number of capabilities, which briefly are described below. There are more detailed design docs in the doc directory.

ERC20 compatible

The FiatToken implements the ERC20 interface.

Pausable

The entire contract can be frozen, in case a serious bug is found or there is a serious key compromise. No transfers can take place while the contract is paused. Access to the pause functionality is controlled by the pauser address.

Upgradable

A new implementation contract can be deployed, and the proxy contract will forward calls to the new contract. Access to the upgrade functionality is guarded by a proxyOwner address. Only the proxyOwner address can change the proxyOwner address.

Blacklist

The contract can blacklist certain addresses which will prevent those addresses from transferring or receiving tokens. Access to the blacklist functionality is controlled by the blacklister address.

Minting/Burning

Tokens can be minted or burned on demand. The contract supports having multiple minters simultaneously. There is a masterMinter address which controls the list of minters and how much each is allowed to mint. The mint allowance is similar to the ERC20 allowance - as each minter mints new tokens their allowance decreases. When it gets too low they will need the allowance increased again by the masterMinter.

Ownable

The contract has an Owner, who can change the owner, pauser, blacklister, or masterMinter addresses. The owner can not change the proxyOwner address.

Additional Documentations

• FiatToken design
• MasterMinter design
• Bridged USDC Standard
• Deployment process
• Preparing an upgrade
• Upgrading from v2.1 to v2.2
• Celo FiatToken extension