Circle, the issuer of USDC, the second largest stablecoin after Tether (USDT), announced today that the Cross-Chain Transfer Protocol (CCTP) for developers on Ethereum and Avalanche is now available on the mainnet.
The released CCTP will allow USDC to move between Ethereum (ETH) and Avalanche (AVAX) blockchains.
Circle shared the following statements on his Twitter account:
“A new milestone today! The Chain-to-Chain Transfer Protocol (CCTP) has now been released on the mainnet for Ethereum and Avalanche.
By enabling CCTP USDC to flow natively between supported chains, it offers unmatched levels of interoperability, security, liquidity and simplified user experiences."
Bridge projects and interoperability-oriented protocols such as Celer Network, Layer Zero, Li.Fi, Multichain, and Router Protocol have already integrated the CCTP protocol to allow users to carry USDC through their interfaces, Circle said in a statement.
Avalanche said in a statement that the integration of USDC and AVAX will create more seamless transaction and payment options for developers and participants in Avalanche's growing ecosystem of DeFi protocols, enterprise applications, NFT marketplaces and more.
Jeremy Allaire, CEO and Co-Founder of Circle, said:
“USDC support on Avalanche comes at an exciting and crucial moment for the growing multi-billion dollar DeFi market.
This integration with USDC, the leading dollar digital currency for the decentralized economy, will be instrumental for developers and communities looking to join one of the fastest, organically growing ecosystems in crypto."
It was stated that CCTP is expected to expand to include additional chains in the second half of 2023.
*Not investment advice.