Geist USDC wallet

What is Geist USDC (GUSDC)?

Two unrelated tokens answer to gUSDC. One is a vault share on Arbitrum issued by Gains Network. The other is this one: the receipt Geist's lending market on Fantom minted when someone deposited USDC into it. They share the letters and nothing else, and it is worth being sure which one a wallet, chart or listing is showing you.

The Fantom token behaves like an Aave v2 aToken. It is created one for one against the deposit, its balance increases in place as interest is paid into the USDC pool by borrowers, and burning it returns the USDC, provided the pool has enough free liquidity at that moment.

The USDC underneath also deserves a look. A large part of the USDC circulating on Fantom arrived through bridges rather than being issued on the chain directly, so the chain of claims runs receipt, then bridged token, then whatever position that bridge is in. Knowing which contract your deposit was made against is not a detail. Gas for every step, as everywhere on this chain, is FTM.

Tangem keeps the Fantom holding on its own row and states the network on the screen before the card is tapped to sign, which helps when three letters also describe an Arbitrum asset, though an address by itself never reveals which chain a recipient expects. Supported networks in Tangem (1): Fantom. Where a ticker is this ambiguous, a wallet that spells the chain out saves you the guesswork.