• Jeremy Allaire, co-founder and CEO of Circle, has announced the launch of the Cross-Chain Transfer Protocol (CCTP) is getting closer.
• The CCTP is a necessary infrastructure that can help foster „more scalable, efficient, secure and user friendly apps built on USDC“.
• When moving a token from one chain, the USDC is „burnt“ in the source platform and concurrently minted in the destination chain.
Jeremy Allaire, the co-founder and CEO of Circle, recently announced that the launch of their Cross-Chain Transfer Protocol (CCTP) is getting closer. CCTP is a necessary infrastructure that can help foster „more scalable, efficient, secure and user friendly apps built on USDC“. It is designed to be embedded in apps, and it is available on the Goerli and Fuji testnets on Ethereum (ETH) and Avalanche, respectively.
The CCTP plays a key role in achieving Circle’s multichain goals. It is a smart contracts-guided infrastructure that will allow users to move value in USDC across supported chains. When moving a token from one chain, the USDC is „burnt“ in the source platform and concurrently minted in the destination chain. This eliminates the need for „lock-and-mint bridges“ which typically fragment liquidity and can introduce attack vectors.
In the coming months, Circle will be deploying the CCTP on Solana and other chains. This will provide users the latitude to make quick NFT purchases across networks supported by the protocol. The launch of the CCTP will help usher in a new era of cross-chain interoperability, allowing users to securely and efficiently move value across different blockchains.
By providing this infrastructure, Circle is paving the way for developers to build applications on top of USDC, enabling users to transfer value quickly and securely. This will help drive further adoption of USDC and other stablecoins, as well as other decentralized applications. With the launch of the CCTP, Circle is continuing to push the boundaries of what is possible with blockchain technology.