As per reports, Circle, a cryptocurrency platform, announced on April 26, 2023, that it has launched a mainnet protocol allowing users to transfer USDC between Avalanche and Ethereum, states Cointelegraph. It is expected that the new Cross-Chain Transfer Protocol (CCTP) protocol will allow users to exchange Avalanche and Etereum without the need for USDC third-party bridge.
Sources revealed that Circle released a video on April 13, 2023, on the working method of the new Cross-Chain Transfer Protocol (CCTP). The Cross-Chain Transfer Protocol (CCTP) protocol destroys tokens that had already been sent to its contract and helps to issue new tokens on the receiver’s network. It is believed that users can redeem the new tokens directly from Circle, added Cointelegraph.
“With CCTP, developers can simplify the user experience and their users can trust that they are always transacting with a highly liquid, safe and fungible asset in native USDC,” Joao Reginatto, vice president of product, Circle, told about the functionality of the new protocol, Cointelegraph concluded.
(With insights from Cointelegraph)
