Decentralized Lending Protocol Moonwell Enables Cross-Chain Lending with USDC Anywhere
Moonwell, a decentralized lending and borrowing protocol, has introduced a tool called USDC Anywhere, which enables cross-chain lending of Circle’s USDC stablecoin to Moonwell from various Ethereum networks. With this tool, Moonwell can detect USDC in user wallets on Arbitrum, Avalanche, Base, Ethereum, Optimism, and Polygon, and transfer the stablecoin onto its platform using Circle’s cross-chain protocol. This eliminates the need for manual bridging of assets and allows users to easily send USDC throughout the Ethereum ecosystem by leveraging their digital assets on Moonwell. Coinbase’s Ethereum Layer 2 Base serves as the liquidity hub for this feature.
Moonwell also utilizes the interoperability protocol Socket to handle a user’s gas before their funds are transferred to the new network.
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