DollarC, DollarC, will now use cross-chain transfer protocol

DollarC, DollarC, will now use cross-chain transfer protocol

CircleUSD/USD, the issuer of DollarC, plans to venture out of Cosmos via its cross-chain transfer protocol system.

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

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

Circle announced that it will use Noble, a cross-chain transfer protocol, with its cross-chain transfer protocol in the Cosmoverse conference. This marks the first integration of the virtual machine chain with a non-Ethereum virtual machine chain.

Users currently using EVM chains can transfer their tokens to Cosmos chains merged with IBC without using a bridge.

A testnet will be available for ecosystem participants who want to test out CCTP's cross-chain functionality before the launch of the mainnet in late October.

'' ll be able to do with CCTP when it's live, 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.

USDC, which is currently the second largest stablecoin by market cap, has a circulating supply of almost 25 billion pounds, according to DeFiLama data. Reader Now: Circle'sUSDC Expansion on NEAR Signals Resilient Multi-Blockchain Future

Cosmos Upgraded: Interoperability for Cosmos with Ethereum and other blockchain networks will be possible with the addition of CCTP to Noble. It will allow developers to bring USDC users from outside the ecosystem on board to their appchains.

While the Cosmos ecosystem is fresh and groundbreaking, it hasn't seen the presence of stablecoin yet. With the USDC presence, Cosmos will now have access to a highly liquid and widely recognized stablecoin. The overall market cap of USDC is likely to grow due to higher institutional interest in the space.

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