District of Kreuz-Chain start date of the protocol approaches
District of Kreuz-Chain start date of the protocol approaches
Circle-the issuer of the second largest stable coin after market capitalization, USDC-prepares the introduction of a protocol free of permission with which users can use to transmit their stable coins between blockchains.
The company said that the protocol could be embedded in Dapps and offer the "most capital-efficient" way for cross-chain USDC transfers.
USDC bridge
USDC, a stable coin, is linked to the US dollar. Each token keeps its "stable" price by maintaining a 1-1 converitivity for $ 1.00 at any time through the reserves of circle who are Stablecoins are a core element of the defi economy, which would otherwise be difficult to interact with given the volatility of other cryptocurrencies. With a cross-chain bridge for the second largest group, the new tool from Circle aims to "standardize the liquidity in the entire ecosystem and to simplify the user experience". website .
CCTP, however, intends to offer more functions than the typical blockchain bridge because it is exposed to Smart Contracts. For example, developers can create flows with which users can use USDC via chains and directly to a certain defi protocol to start generating income, which feels like a seamless transaction.
To use the protocol, users start burning their USDC tokens in their source chain. This fire is later observed and confirmed by Circle, which then shapes a new batch from USDC on the target chain and sends it to the address given by the user.
"Developer can use CCTP to create new cross-chain apps that stack the various functionalities of trade, lending, payments, NFTS, games and more-and at the same time abstract the complexity of the users," explained the company.
The expanding network of circle
in November Kreis integrated with Apple Pay for his existing dealers and lets his customers checked out of apps like Safari without having to fill out lengthy forms. Companies only need a circle account and an Apple developer account to use the service.
The company also partner with TBD, a subsidiary of Jack Dorsey’s block, in September with the mission, global fiat-crypto bridges. Block intends to use these bridges as part of its mission to form a decentralized Bitcoin exchange-an asset that is mainly limited to trade with the help of CEFI institutions.
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