Circle has released its Cross-Chain Transfer Protocol (CCTP) for Ethereum and Avalanche chains, making it possible for users to transfer their USD Coin stablecoin (USDC) between the two blockchain networks.
The CCTP eliminates the need for traditional lock-and-mint approaches and allows developers to offer a secure experience to users for moving USDC natively across chains.
Circle’s USDC is the second-largest stablecoin in the crypto market with a total supply of nearly $29 billion. The CCTP has already been integrated by bridge projects and interoperability-focused protocols such as Celer Network, Li.Fi, Layer Zero, Multichain, and Router Protocol, and will soon be available on other blockchain networks.
The protocol provides a more secure option for transferring stablecoins from one chain to another compared to wrapping-based bridges, which are considered vulnerable to hacks.
