USDC Now Available Across Blockchains with Circle’s CCTP Launch
Circle has introduced the Cross-Chain Transfer Protocol (CCTP) on the Cosmos-based blockchain Noble, making USDC more accessible across various platforms.
This innovation facilitates the secure movement of the dollar-pegged USDC among different blockchains. Noble, serving as an app chain within the Cosmos network, specializes in enabling cross-chain asset transfers.
According to Circle’s announcements on social media platform X, CCTP has been successfully launched on the Noble mainnet. This implementation marks a significant step toward integrating users into the Cosmos ecosystem.
1/ It’s time to unleash the onboarding of users into the @Cosmos ecosystem.
Cross-Chain Transfer Protocol (#CCTP) is now live on @Noble_xyz mainnet!
Learn how this expands access to $USDC for IBC-connected appchains like @dYdX Chain 👇 pic.twitter.com/7M9ZH7UDxa
— Circle (@circle) November 28, 2023
The CCTP technology ensures secure USDC transfers between blockchains through a native burn-and-mint process. Notably, the integration of CCTP on the Noble XYZ mainnet allows Cosmos appchains to harness both CCTP and IBC functionalities, enabling the direct onboarding of users from Ethereum and other compatible networks.
This initiative by Circle, the issuer of the second-largest stablecoin, enables the seamless transfer of USDC across various blockchains, including Arbitrum, Avalanche, Base, Ethereum, Noble, and Optimism. This integration aims to minimize slippage in transactions while eliminating the necessity for locking up liquidity or relying on trust assumptions, thereby enhancing the security and capital efficiency of cross-chain USDC transfers.
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Circle has highlighted that several apps, wallets, and bridges, such as dYdX and Squid, are already supporting CCTP on Noble. Furthermore, the fintech firm anticipates the addition of more partners to this ecosystem in the wake of the recent launch.
The CCTP and IBC integration empowers any Cosmos appchain to seamlessly incorporate USDC flows and facilitate user onboarding from external ecosystems. This integration also enables developers to craft a user experience where individuals need not concern themselves with the specific blockchain where their USDC holdings reside.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
