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Circle, the $USDC issuer, has launched a new mainnet protocol that allows users to transfer $USDC between Ethereum and Avalanche networks. The Cross-Chain Transfer Protocol (CCTP) eliminates the need for $USDC bridges, which previously required users to deposit their coins with a Circle partner or use a third-party bridge to transfer their $USDC from one network to the other.
The new protocol destroys tokens sent to its contract and issues new tokens on the receiving network, which can be redeemed for bank deposits directly by depositing the tokens with Circle or its partners.
The team behind the protocol expects it to solve the problem of fragmentation in the Web3 ecosystem by reducing the use of unofficial copies of $USDC on various networks. Many of the largest cross-chain protocols, including Celer, Hyperlane, LayerZero, LI.FI, and Wormhole, have already pledged to use CCTP in the future.
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