Circle, the issuer of the USD Coin (USDC) stablecoin, has announced the operationalization of its Cross-Chain Transfer Protocol (CCTP) on Arbitrum, a Layer 2 scaling solution for the Ethereum network.

This integration enables faster and more secure transfers of USDC across several blockchain networks, including Ethereum, Avalanche, and now Arbitrum.

Enhanced Functionality with CCTP

CCTP facilitates the movement of USDC across different blockchain networks by employing a burn-and-mint mechanism. Native USDC tokens on the original chain are burnt, and an equivalent amount is minted on the receiving chain. This mechanism enhances the efficiency and security of USDC transfers.

Arbitrum is the third chain to support CCTP, and the protocol is live on the official Arbitrum Bridge. The addition of CCTP to Arbitrum follows Circle’s recent announcement of a native version of its stablecoin on the Arbitrum network.

Integration with Other Protocols

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Author: Vince Dioquino

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