Circle launches cross-chain USDC switch protocol for Ethereum, Avalanche

Circle, the creator of US Greenback Coin (USDC), has launched a mainnet protocol that lets customers switch USDC between and , in accordance with an April 26 announcement. Beforehand, Avalanche customers who held USDC on Ethereum needed to deposit their cash with a Circle associate or use a third-party bridge to switch their USDC from one community to the opposite. The brand new Cross-Chain Switch Protocol (CCTP) protocol seems to eliminate this want for USDC bridges.

The crew launched a video on April 13 displaying how the brand new protocol works. In contrast to a conventional bridge, it doesn’t lock tokens despatched to its contract. As an alternative, it fully destroys them and points new tokens on the receiving community. Customers can redeem these new tokens for financial institution deposits immediately, by depositing the tokens with Circle or its companions.

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