Circle introduces CCTP to Arbitrum for Layer 2 USDC transfers from Ethereum, Avalanche

By Lola Coin Jun 27, 202361Views

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Circle, the issuer of the USD Coin stablecoin, has announced that its Cross-Chain Transfer Protocol (CCTP) is now operational on Arbitrum, a Layer 2 scaling solution for Ethereum. CCTP allows for faster and more secure transfers of USDC across multiple chains, including Ethereum, Avalanche, and now Arbitrum. The protocol works by burning the native USDC on the initial chain and minting an equal amount on the recipient chain. This integration with Arbitrum comes after Circle launched a native version of its stablecoin on the network. Other bridge projects and interoperability-focused protocols have also integrated CCTP into their systems to enable USDC transfers. The integration aims to improve security and expedite bridge transfers. USDC is the second-largest centralized stablecoin in the market, with a supply nearing $28 billion.

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