Circle’s USDC Expands to Cosmos Through New Cross-Chain Transfer Protocol
Stablecoin company Circle says that USDC is now more accessible following the launch of the Cross-Chain Transfer Protocol (CCTP) on the Cosmos (ATOM)-based blockchain Noble.
Circle created CCTP to facilitate the movement of the dollar-pegged USDC across different blockchains and Noble is an app chain, a network built to power a single app, that enables cross-chain asset transfers.
In a series of tweets on social media platform X, Circle says that CCTP is now live on the Noble mainnet.
“It’s time to unleash the onboarding of users into the Cosmos ecosystem.
CCTP enables secure USDC transfers between blockchains via a native burn-and-mint process. With CCTP on Noble XYZ mainnet, Cosmos appchains can compose CCTP & IBC (Inter-Blockchain Communication) functionality to onboard users directly from Ethereum & other supported networks.”
The issuer of the second-largest stablecoin says CCTP enables the one-click transfer of USDC across blockchains including Arbitrum (ARB), Avalanche (AVAX), Base, Ethereum (ETH), Noble and Optimism (OP), which results in zero slippage.
“With no need to lock up liquidity or add trust assumptions, CCTP provides a more secure and capital-efficient way to move USDC across chains.”
Circle says CCTP on Noble is already supported by a number of apps, wallets and bridges including decentralized exchange dYdX and cross-chain router Squid. The fintech firm says more partners are expected to join the roster following the launch.
“Any Cosmos appchain can plug into CCTP and IBC to enable seamless USDC flows and user onboarding from external ecosystems. CCTP empowers developers to build mainstream UX where users never need to think about which blockchain they’re holding USDC.”
Earlier this month, DeFiance Capital founder and CEO Arthur Cheong said that $200 million worth of Noble-issued USDC will come to the Cosmos ecosystem.
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Author: Rhodilee Jean Dolor
