Squarecoin provider Circle to expand its cross-chain transfer protocol on Cosmos

Squarecoin provider Circle to expand its cross-chain transfer protocol on Cosmos

The provider of DollarC, CircleUSD/USD, plans to venture out onto Cosmos through its cross-chain transfer protocol system.

It is anticipated to make transfers seamless and benefitUSDC's market cap.

What is stablecoins? What are some examples? In Benzinga's exclusive event: Future of Digital Assets, we meet and engage with transformative Digital Asset and Crypto business leaders and investors. September saw USDC's integration with Polygon network, launch on Polkadot network, and expansion on NEAR.

Circle said that it will use Noble as its cross-chain transfer protocol with its cross-chain transfer protocol in the Cosmoverse conference. The integration of a non-Ethereum virtual machine chain marks the first collaboration with a non-Ethereum virtual machine chain.

The current USDC users on EVM chains can transfer their tokens to Cosmos chains merged with IBC without using a bridge.

CCTP's cross-chain functionality is available for ecosystem participants before the launch of the mainnet in late October.

ll be able to do with CCTP when it's live is you'll be able to send it to a burn address on Ethereum, where Circle's API is watching and will issue an attestation of burn that gets relayed to the destination chain, Noble co-founder Stefan Coolican said.

The second largest stablecoin by market cap, USDC, has a circulating supply of almost $25 billion, according to DeFiLama data. Read Now: Circle's USDC expansion on NEAR Signals Resilient Multi-Blockchain Future

With the addition of CCTP to Noble, Cosmos will be able to interoperability with Ethereum and several other blockchain networks. It will allow developers to bring USDC users on board from outside the ecosystem to their appchains.

While the cosms ecosystem is new and innovative, it has yet to see the presence of stablecoin. With the USDC presence on the horizon, Cosmos will now have access to a highly liquid and widely recognized stablecoin. The market cap ofUSDC is likely to increase due to higher institutional interest in the space.

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