• Circle has launched its Cross-Chain Transfer Protocol (CCTP) on the mainnet for Ethereum and Avax, allowing users to transfer USDC between different blockchains.
• The protocol provides a secure and efficient way to transact with USDC without the complications of traditional lock and mint methods.
• CCTP is being integrated by various apps and protocols, including Celer, Hyperlane, LayerZero, LI.FI, MetaMask, Multichain, Rarimo, Router, Socket, Wanchain and Wormhole.
Circle Launches Cross-Chain Transfer Protocol
Circle has released its Cross-Chain Transfer Protocol (CCTP) on the mainnet for Ethereum and Avax. This allows users to securely transfer their USD Coin (USDC) between different blockchains with ease.
Highly Secure & Efficient Transactions
The protocol provides a highly secure and efficient way to transact USDC without the complications of traditional lock and mint methods. Moreover, it offers an unprecedented level of interoperability between various networks for smoother transactions.
Integration with Apps & Protocols
Various applications and protocols are integrating with CCTP in order to facilitate faster transactions between networks while providing a simplified user experience. These include Celer, Hyperlane, LayerZero, LI.FI , MetaMask , Multichain , Rarimo , Router , Socket , Wanchain , Wormhole among others.
Demo Video
A demo video was released by Circle on April 16th which showed how the protocol works in action. It also displayed how users can redeem newly issued tokens through bank deposits when depositing them with Circle .
Conclusion
The launch of CCTP serves as an important step forward towards developing infrastructure complexity in the background that would eventually result in consumer grade Web3 apps becoming available for mainstream usage .