Circle (USDC) To Launch Permissionless On-chain Utility CCTP Protocol
Circle, a leading fintech company specializing in stablecoins, announces plans to launch its new Cross-Chain Transfer Protocol (CCTP). This protocol will create ease of transactions when using USDC for cross-chain transfers.
New Protocol On Circle
The protocol is a permissionless on-chain utility where users get to burn native USDC on one source chain and mint USDC of the same amount on a different destination chain.
This protocol allows for seamless and secure cross-chain transactions of USDC, which is a stablecoin pegged to the value of the US dollar.
This protocol will be developed on top of Circle’s existing USDC block chain.
This protocol is also built in a way that it supports and can work with blockchain’s that support smart contracts.
This will enable seamless transfer of USDC between different blockchain in the crypto ecosystem; such as Ethereum and Bitcoin, without the need for a centralized entity.
The launch of CCTP is a major milestone for Circle and the cryptocurrency industry as a whole, as it will enable the seamless transfer of USDC between different blockchain networks.
This protocol will provide new opportunities for businesses and individuals to use USDC as a universal means of exchange, regardless of which blockchain they are working from.
Security and Control Guaranteed With This Protocol
Another key benefit of CCTP is its preferred utility that provides users with heightened security and total control over their assets.
By using this protocol users can ensure that their funds are transferred in a transparent and decentralized manner, given that the protocol is open-source.
Circle’s CCTP will also enable users to take advantage of the unique features and benefits of different blockchain networks.
Users will also be able to utilize the transaction cost difference between blockchains when performing cross-chain transactions.
When transferring between Bitcoin and Ethereum Networks, users can capitalize on the lower transaction fees on Bitcoin compared to Ethereum.
Users can also use this medium to purchase NFTs across chains. Presently, the CCTP is available on some testnets deployed on Etherium and Avalanche.
The launch of CCTP is a significant step forward for Circle and the cryptocurrency industry as a whole.
It will enable the seamless transfer of USDC between different blockchain networks, providing users with a higher level of security and control over their funds.
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