Circle reveals that CCTP, a permissionless protocol, has moved over $10 billion in the stablecoin USDC between blockchains since May of last year.
As reported previously, the Cross-Chain Transfer Protocol (CCTP) continues to grow and “power an ever-expanding network of apps, bridges, wallets, exchanges, and infra providers.”
As covered, Circle helps businesses and developers “harness the power of stablecoins for payments and internet commerce worldwide.”
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 also the principal operator of USDC, which has “become the fastest growing, regulated and fully reserved dollar digital currency. USDC now stands at more than 45 billion and has supported about $1.4 trillion in transactions over the past year.”
Today, Circle’s transaction and treasury services are “giving rise to a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity through the frictionless exchange of financial value.”
As explained by Circle, Cross-Chain Transfer Protocol (CCTP) enables USDC “to flow securely between blockchains – unifying liquidity and simplifying user experience.”
Cross-Chain Transfer Protocol (CCTP) is a permissionless on-chain utility “that facilitates USDC transfers securely between blockchains via native burning and minting.”
CCTP solves the issues of liquidity fragmentation and poor user experiences “caused by unofficial, bridged forms of USDC floating around the ecosystem.”
Apps built on CCTP can essentially teleport USDC from one blockchain to another, “providing users with a highly secure and capital-efficient way to transact in a multi-chain world.”
CCTP is a low-level primitive for developers “to leverage and extend.”
Developers may embed the protocol within an app, wallet, or bridge, and “enable users to move any amount of USDC to any supported ecosystem.”
In many cases, your app can inherit CCTP functionality “from a bridge or wallet SDK that’s already part of your stack.”
