Circle has launched a protocol for official cross-chain USDC transfers between Avalanche and Ethereum.
Circle, the creator of US Dollar Coin , has launched a mainnet protocol that lets users transfer USDC between Ethereum and Avalanche, according to an April 26 announcement. Previously, Avalanche users who held USDC on Ethereum had to deposit their coins with a Circle partner or use a third-party bridge to transfer their USDC from one network to the other. The new Cross-Chain Transfer Protocol protocol appears to do away with this need for USDC bridges.how the new protocol works.
In the announcement, the team said that it expects CCTP to solve the problem of “fragmentation” in the Web3 ecosystem. Currently, there are multiple unofficial versions of USDC floating around on various networks, most of which are the result of tokens on one network being bridged to another. Now that there is an official way to transfer coins from one network to another, the team expects these unofficial copies to slowly decline in use, making the token less confusing to use.
The team said that many of the largest cross-chain protocols have already pledged to use CCTP going forward, including Celer, Hyperlane, LayerZero, LI.FI, MetaMask, Wormhole and others.Joao Reginatto, Circle’s vice president of product, said he believes the new protocol will help improve liquidity and capital efficiency in decentralized finance:
“With CCTP, developers can simplify the user experience and their users can trust that they are always transacting with a highly liquid, safe and fungible asset in native USDC."issued by Circle. The company claims that each USDC token is backed dollar-for-dollar in its reserves. Users can mint USDC by opening an account and depositing cash with either Circle itself or one of its partners, such as Coinbase.
Users have lost billions of dollars worth of USDC and other cryptocurrencies due to bridge hacks over the past few years, as attackers have repeatedly figured out how to remove locked coins from bridge contracts and leave their copies on the receiving network with no backing. This has left developers
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
US crackdown to blame for USDC's decline, Circle boss saysAllaire blames the shrunken value of USDC on regulatory challenges in the United States and concerns about its banking system.
Weiterlesen »
Circle CEO blames US crypto crackdown for declining USDC market capThe U.S. Securities and Exchange Commission led by Gary Gensler has been on an enforcement spree since the FTX collapse saga.
Weiterlesen »
Metamask Joins Post-Shapella Upgrade Ethereum Stakers: DetailsMetamask has staked over $114 million in Ethereum, according to on-chain data
Weiterlesen »
NY Fed Policy Change Could Squash Stablecoin Issuer Circle’s Hope for Fed AccessFunds structured as stablecoin issuer Circle’s BlackRock-managed USDC reserve fund “generally will be deemed ineligible” for the NY Fed’s reverse repurchase program under the new rules. sndr_krisztian reports
Weiterlesen »
Ethereum up 20% in April while Markets Pro sees 379% gain in one dayMarket-beating winner! Cointelegraph Markets Pro delivers a single crypto alert generating 379% gains in one day compared to Etherum’s rise of only 20% this month. Find out how these real-time alerts could lead to bigger returns!
Weiterlesen »
Binance launches liquid staking token, joins growing market after Ethereum's latest upgradeBinance has rebranded its Ethereum staking product, adding a liquid staking token to boot.
Weiterlesen »