Circle has integrated its Cross-Chain Transfer Protocol (CCTP) on Arbitrum, a Layer 2 scaling solution for Ethereum, enabling faster and more secure transfers of USDC stablecoin.
What is CCTP?
Circle’s Cross-Chain Transfer Protocol (CCTP) is a tool that allows the transfer of USDC stablecoin across different blockchain networks. It works by burning the native USDC on the initial chain and minting an equivalent amount on the recipient chain.
How does CCTP help on Arbitrum?
By integrating CCTP with Arbitrum, Circle aims to replace the traditional “lock-and-mint” bridging process used to transfer tokens between chains, contributing to more expedited bridge transfers.
How many chains support CCTP?
CCTP is supported by several bridge projects and interoperability-focused protocols such as Celer Network, Li.Fi, Wormhole, O3 Labs, Wanchain, and Router Protocol. Arbitrum is the third chain to support CCTP, and it is live on the official Arbitrum Bridge.
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