Chainlink and Circle partner to boost USDC’s cross-chain capabilities News โธ Chainlink โธ Stablecoins
Chainlink and Circle partner to boost USDC’s cross-chain capabilities
Chainlink said its integration of CCTP will open up new use cases for USDC around payments and DeFi.
1 min read
Updated: Jan. 16, 2024 at 6:39 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Chainlink (LINK), a leading decentralized oracle network, announced the successful integration of its Cross-Chain Interoperability Protocol (CCIP) with Circle’s Cross-Chain Transfer Protocol (CCTP).
According to a Jan. 16 statement, this collaboration would enable users to transfer the USD Coin (USDC) stablecoin securely and reliably across different blockchain networks.
“CCIP’s defense-in-depth infrastructure helps ensure that cross-chain USDC transfers are supported by the highest possible level of security,” Chainlink added.
Chainlink furthered that its integration of CCTP will open up new use cases for USDC around cross-chain transfers, payments, and other decentralized finance (DeFi) interactions for protocols building with Chainlink CCIP.
Chainlink’s CCIP is a pivotal solution for token transfers across diverse blockchains. Boasting a robust security infrastructure at level 5, the protocol supports major networks such as Ethereum, BNB Chain, Avalanche, and layer2 networks like Polygon, Arbitrum, Base, and OP Mainnet.
Meanwhile, major traditional institutions, including global financial messaging network Swift, ย South Korean gaming giant Wemade, and Hong Kong’s value exchange in its Central Bank Digital Currency (CBDC) trials, have heavily adopted the CCIP technology since last year.
Similarly, Circle’s CCTP is a permissionless on-chain platform that facilitates USDC transfers securely between blockchains via native burning and minting. This protocol is available on Ethereum, Arbitrum, Avalanche, Noble, OP Mainnet, and Base.
Sergey Nazarov, the co-founder of Chainlink, said:
“The defense-in-depth security infrastructure of CCIP, with multiple layers of decentralization, is something highly valued by developers building with USDC. It’s also exciting to see CCIP’s advanced risk management features have such a value-added role to play in how USDC can be sent in a way that complies with various key user requirements.”
Chainlink’s LINK is down 3% during the past day to $15 as of press time, according to CryptoSlate’s data.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.
USD Coin
$0.99998
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
