Circle CCTP supports USDC with cross-chain transfers
Circle CCTP introduces a breakthrough method for securely transferring USDC between different blockchain networks via a proprietary destruction and coining process. Although the protocol is currently in testing phase, it holds enormous promise for the crypto community.
Once Circle CCTP goes live on the Base mainnet, developers and users will be able to transfer USDC from Ethereum to various supported blockchains without requiring permission. As of now, Circle CCTP supports secure USDC transfers via 12 different routes, including Ethereum, Avalanche, Arbitrum, and Optimism. In the coming weeks, the network will be expanded with Base and Noble, bringing the number of available routes to 30.
CCTP: Enabling permissionless USDC movement across blockchains
This innovative protocol serves as a permissionless on-chain utility that burns native USDC tokens on the source chain and mints an equivalent amount on the destination chain. Developers can integrate CCTP into their applications, providing users with a highly secure and capital-efficient way to transfer USDC across different blockchain ecosystems. This development is an important step towards a unified and mainstream Web3.
Notably, Circle had previously announced its plans to implement CCTP in partnership with Noble, a Cosmos-based token protocol, at the Cosmoverse conference, further increasing the protocol’s potential impact on the crypto landscape.
INDEMNIFICATION: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
