Circle releases ETH-Avalanche cross-chain USDC transfer

Users can create USDC by making a cash transfer into an account with Circle or one of its partners, like Coinbase, and then minting USDC.

Circle releases ETH-Avalanche cross-chain USDC transfer
Circle releases ETH-Avalanche cross-chain USDC transfer

According to an April 26 announcement, Circle, the creator of US Dollar Coin, has launched a mainnet protocol that allows users to transmit USDC between Ethereum and Avalanche.

Previously, Avalanche users who held USDC on Ethereum were required to deposit their coins with a Circle partner or use a third-party conduit to move their USDC from one network to the other.

It appears that the new Cross-Chain Transfer Protocol (CCTP) protocol eliminates the need for USDC bridges.

On April 13, the team released a video demonstrating how the new protocol operates. Contrary to a conventional bridge, tokens sent to its contract are not locked.

Instead, it destroys them completely and issues new tokens on the receiving network. Users can exchange these new tokens directly for bank deposits by depositing them with Circle or one of its partners.

The team stated in the announcement that it expects CCTP to address the “fragmentation” issue in the Web3 ecosystem.

There are currently multiple unofficial variants of USDC circulating on different networks, the majority of which are the result of tokens on one network being bridged to another.

Now that there is an official method to transmit coins from one network to another, the team anticipates that these unofficial copies will gradually lose popularity, making the token easier to use.

The team reported that many of the largest cross-chain protocols, including Celer, Hyperlane, LayerZero, LI.FI, MetaMask, and Wormhole, have already committed to using CCTP in the future.

Circle’s vice president of products, Joao Reginatto, believes that the new protocol will enhance liquidity and capital efficacy 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.”

Circle has issued USDC, a stablecoin supported by fiat currency. According to the corporation, each USDC token is secured dollar-for-dollar by its reserves.

Users can mint USDC by establishing an account with Circle or one of its partners, such as Coinbase, and making a currency deposit.

After doing so, they can receive the coin on multiple networks, including Ethereum, Avalanche, Stellar, and Polkadot.

In the past few years, users have lost billions of dollars worth of USDC and other cryptocurrencies due to bridge breaches, as attackers have repeatedly discovered how to remove locked coins from bridge contracts and leave their replicas on the receiving network without backing.

As digital assets become commonplace, this has left developers pondering how to secure bridges for future use.


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