Circle unveils Cross-Chain Transfer Protocol as USDC dominates Stablecoin supply

Circle unveils Cross-Chain Transfer Protocol as USDC dominates Stablecoin supply

April 28, 2023

By Suzuki Shillsalot

Circle’s USDC has launched the Cross-Chain Transfer Protocol, which allows for the seamless movement of USDC across different blockchains without the need for bridges.

USDC remains a popular stablecoin choice for users, with a 24-hour volume of over $7 billion.

Circle’s USDC stablecoin has made a name for itself in the exciting world of Decentralized Finance (DeFi). But now, the company is taking things to the next level with the launch of its Cross-Chain Transfer Protocol.

USDC goes CCTP

On 26 April, Circle (USDC) made an announcement that is set to revolutionize the world of blockchain transfers. The company had launched a new feature called the Cross-Chain Transfer Protocol (CCTP), which allowed for the seamless movement of the stablecoin across different blockchains without any bridges.

This innovative, permissionless, and on-chain utility uses native burning and minting to facilitate USDC transfers between blockchains.

Previously, Circle issued its stablecoin on multiple top networks, but these assets were largely partitioned. This made it challenging for users who wanted to transfer their assets between different blockchains.

Users had to rely on complicated and sometimes costly cross-chain transfers to bridge this divide. But with the launch of CCTP, Circle has eliminated the need for bridges.