Fintech firm Circle announced the mainnet availability of Cross-Chain Transfer Protocol (CCTP) for developers building on Ethereum and Avalanche networks. The protocol will essentially allow USDC to flow natively across supported chains by burning the native stablecoin on a source chain and minting the same amount on a destination chain.
The “burn and mint” process results in USDC “teleporting” from one blockchain to another by eliminating the complications and risks of traditional “lock and mint” approaches.
USDC Interoperability
Some of the bridges and protocols that are already live with CCTP on the mainnet are – Multichain, Celer, LayerZero, LI.FI, MetaMask, Hyperlane, Router, Socket, Rarimo, Wormhole, and Wanchain. Circle further intends to expand CCTP to additional chains in the second half of 2023.
In a statement on April 26th, Joao Reginatto, Circle’s VP of Product, explained that Cross-Chain Transfer Protocol gives USDC native interoperability across Web3. He a
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