Chainlink & Circle Unite for Enhanced USDC Transfers | CPT PPP Coverage
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Chainlink & Circle Unite for Enhanced USDC Transfers appeared on www.cryptotimes.io by The Crypto Times.
Decentralized oracle network Chainlink has partnered with USD Coin (USDC) issuer Circle to boost stablecoin movement across different blockchains. The collaboration aims to streamline USDC transfers between various crypto networks using Chainlink’s Cross-Chain Interoperability Protocol (CCIP) and Circle’s Cross-Chain Transfer Protocol (CCTP).
Chainlink CCIP is a flexible messaging system that lets developers transfer data and crypto assets between blockchains efficiently. It uses a decentralized Chainlink oracles and smart contracts network to enable secure cross-chain interoperability.
Meanwhile, Circle’s CCTP is a standard bridge protocol built to seamlessly transfer USDC tokens across supported chains through minting and burning. CCTP is enabled on 7 networks – Ethereum, Arbitrum, Avalanche, Base, Noble, OP Mainnet, and Polygon.
By integrating CCTP with Chainlink CCIP, USDC transfers can leverage Chainlink’s extensive oracle infrastructure for simplified and fast movement across a wider variety of blockchains and protocols. Previously, bridges like Celer Network and Li. Fi and Wormhole incorporated CCTP support.
The pairing promises to unlock more flexible utility for one of the most-used stablecoins, USDC, across decentralized finance (DeFi) and payment applications on different chains. It also furthers the greater blockchain community’s commitment to advancing interchain operability through collaborative innovation.
The partnership aims to facilitate seamless stablecoin and liquidity flows across isolated crypto ecosystems by combining Circle’s specialized stablecoin transfer protocol with Chainlink’s blockchain-agnostic communication network. This marks a critical step toward achieving ubiquitous asset mobility.
Also read: Vodafone Explores Data Security with Chainlink
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