Circle, the issuer of USD Coin (USDC), has announced the launch of the CCTP protocol on the mainnet, enabling users to move the stablecoin between blockchains.
This technology eliminates the need for lock-and-release bridges and improves liquidity within the blockchain ecosystem.
When a transfer is requested, CCTP burns the amount of USDC specified by the user on the source network and releases the same number of coins to the user’s wallet on the destination blockchain.
This is beneficial for a variety of use cases, such as depositing on DEXs on different networks, cross-chain purchases, and swaps.
Celer, Hyperlane, LayerZero, Wormhole, and the MetaMask wallet are some of the protocols that have already expressed interest in the solution.
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