Circle announced its Cross-Chain Transfer Protocol (CCTP) is now available on the mainnet, allowing USDC transfers between Ethereum and Avalanche blockchains without requiring permission. This feature enables USDC to be teleported across chains, allowing it to be destroyed on the source chain and recreated in a 1:1 ratio on the destination chain.
CCTP offers builders a safe way to programmatically burn and mint USDC within their apps. USDC is currently available on eight different networks, including Ethereum, Solana, Avalanche, TRON, Algorand, Stellar, Flow, and Hedera.
Circle’s Vice President of Product Joao Reginatto explained that the company’s primary objective of creating the ultimate dollar protocol on the internet has led them to introduce the Cross-Chain Transfer Protocol.
This new system enables USDC to have native interoperability across Web3, addressing existing DeFi liquidity and capital inefficiency issues. Developers can use CCTP to simplify their user’s experience, ensuring they transact with a highly liquid, safe, and fungible asset in native USDC. The introduction of this milestone makes USDC a natively multi-chain digital dollar.
Compiled by Coinbold