With Circle’s recent announcement surrounding their Cross-Chain Transfer Protocol, we are excited to announce that Celer cBridge has already taken the first steps by integrating with this new protocol and is supporting USDC transfers across the Goerli testnet and Avalanche testnet! This is incredibly exciting for the interoperability space as it allows users and developers to send and transact in USDC natively across different blockchains. Effectively teleporting USDC from one ecosystem to another enables the maximizing of capital efficiency and the streamlining of the user experience overall.
We are very excited to be working with this protocol as it aligns with Celer’s vision of a multi-chain interoperable future. Users today have limitations when transferring USDC across blockchain ecosystems. Existing solutions typically require locking up USDC on one chain and creating a synthetic “bridged” version of USDC on another, a lock-and-mint system. This creates fragmented liquidity and a complicated user experience.
Cross-Chain Transfer Protocol simplifies this process by enabling USDC transfers across different chains via a burn-and-mint mechanism and is facilitated by smart contracts and Circle’s attestation service. When a user initiates a send of USDC from one chain to another, the USDC on the source chain will be sent to a smart contract and be burned, not locked. Then the same amount of USDC will be minted on the destination chain. It is important to note that this is NOT creating a synthetic “bridged” version of the USDC, but rather this is native USDC.
Once this feature is live on mainnet for cBridge, you will be able to transfer USDC natively between Ethereum and Avalanche. When you initiate a transfer from Ethereum, you will have an option to select which type of USDC you would like to receive on Avalanche: the old “synthetic bridged” USDC.e (Ethereum-bridged USDC) or USDC (native to Avalanche). If you select USDC, your USDC will be transferred via Cross-Chain Transfer Protocol and arrive natively at its destination.
Initially, Cross-Chain Transfer Protocol will debut only on Ethereum and Avalanche in early-January 2023—with plans to expand to Solana and additional chains that year. Celer cBridge is excited to be part of this and help facilitate this new level of USDC interoperability and will continue to support and integrate with Cross-Chain Transfer Protocol as it expands its scope!
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is powering always-on internet-native commerce and payments and is the issuer of USD Coin (USDC) and Euro Coin (EUROC). Today, Circle’s transactional services, business accounts, and platform APIs are giving rise to a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity for all through the frictionless exchange of value.
Learn more at https://circle.com.
About Celer Network
Celer is a blockchain interoperability protocol enabling a one-click user experience accessing tokens, DeFi, GameFi, NFTs, governance, privacy solutions and more across multiple chains. Developers can build inter-chain-native dApps using the Celer Inter-chain Message SDK to gain access to efficient liquidity utilization, coherent application logic, and shared states. Users of Celer-enabled dApps will enjoy the benefits of a diverse multi-blockchain ecosystem with the simplicity of a single-transaction UX, all from a single chain.
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