Circle’s Cross-Chain Transfer Protocol to Support USDC Interoperability
Circle recently treated the USDC community with a massive announcement. The all-new cross-chain transfer protocol by Circle will support USDC interoperability.
It will allow general users and developers to access the USDC functionality on the platform. Circle first announced on the ConvergeSF22 stage and then released a string of tweets.
These tweets explained the development in detail, helping users understand how it will affect them. As per the post, Circle’s new cross-chain transfer protocol is permissionless. In addition, it allows users to send USDC natively across different ecosystems.
This results in better liquidity and reduces the fragmentation of bridged assets. Every developer creating bridges, financial services tools, payment apps, wallets, and similar tools can use the platform to deliver cross-chain USDC transactions.
It will simplify the user experience, offering them maximized capital efficiency. Besides these functionalities, the transfer protocol also brings composability to the table. This way, the developers will be empowered to build unique experiences that involve NFTs, gaming, payments, trading, and more.
Names like Avalanche, WormHole, All Bridge, BitGo, Axelar Core, and Socket have already been enlisted as the platforms to integrate the transfer protocol. Circle aims to expand this list exponentially, starting with new partners in the coming months.
Besides launching its new cross-chain transfer protocol, Circle has also decided to join hands with Ethereum. The network will go live on Avalanche and Ethereum mainnet before 2022 ends. Similarly, the platform will allow USDC to function on NEAR, Polkadot, Cosmos, Arbitrum, and Optimism in 2022.
Lastly, Circle is also ready to establish a composability partnership with Cosmos by early 2023. The door of opportunities is only opening for the platform as it establishes quality relationships with different networks.
Given its massive success and ongoing market buzz, Circle is expected to climb its popularity ranks soon.