2 years ago
Stablecoin issuer Circle announced connected April 26 the mainnet motorboat of its cross-chain transportation protocol with enactment for 2 blockchains.
Circle launches CCTP
The product, called Cross-Chain Transfer Protocol (CCTP), allows developers to easy determination the USDC stablecoin betwixt Ethereum and Avalanche.
Circle’s Product VP, Joao Reginatto, said successful a blog post:
“Developers tin present physique applications with seamless enactment for antithetic autochthonal versions of USDC, allowing businesses to people end-users successful antithetic blockchain ecosystems.”
In a abstracted press release, Circle said that apps that usage CCTP volition let users to “burn and mint” oregon “teleport” USDC betwixt blockchains. This removes the request for the older method of cross-chain transfers, which involves locking and minting assets.
Ultimately, customers should beryllium capable to transact with USDC without needing to cognize which blockchain their assets beryllium on, Circle said.
More than 10 apps person reportedly adopted CCTP to date, including the fashionable Ethereum wallet Metamask and the Solana span Wormhole.
Though CCTP is lone disposable connected 2 blockchains astatine present, Circle said that it volition marque the merchandise disposable connected assorted different chains passim 2023.
USDC is already disposable connected Ethereum, Avalanche, Stellar, TRON, Solana, Hedera Hashgraph, Algorand, and Polygon. As such, CCTP volition let USDC to determination crossed those assorted blockchains easily; it volition not present multi-chain enactment altogether.
USDC is the second-largest stablecoin
USDC is presently the 2nd largest stablecoin aft Tether (USDT), reporting a marketplace headdress of $30 billion.
The plus concisely mislaid its peg with the U.S. dollar successful aboriginal March astir the clip that Silicon Valley Bank collapsed. Circle stored astir $3.3 cardinal of USDC backing with Silicon Valley Bank, and it was initially uncertain whether the steadfast could entree those funds.
However, Circle soon accessed the funds successful question. USDC rapidly regained its intended $1.00 terms peg, which it inactive maintains today.
The station Circle introduces cross-chain USDC protocol appeared archetypal connected CryptoSlate.
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