Blockchain

Circle CCTP Is Now Live On Layer 2 Base Testnet

Key Points:

Circle CCTP has been launched on the Base testnet, offering permissionless USDC transfers and allowing secure USDC transfers between blockchains through native destruction.
CCTP enables secure USDC transfers across blockchains.
Developers can freely transfer USDC from Ethereum to various supported networks, expanding to 30 routes in the future.

Circle’s Cross-Chain Transfer Protocol (CCTP) has been successfully deployed on the Base testnet, marking a crucial milestone in the project’s development.

Circle CCTP Is Now Live On Layer 2 Base Testnet 2

Circle CCTP Supports USDC with Cross-Chain Transfers

Circle CCTP introduces a groundbreaking method for securely transferring USDC between different blockchain networks through a native destruction and minting process. While the protocol is currently in its testing phase, it holds immense promise for the crypto community.

Once Circle CCTP goes live on the Base mainnet, it will allow developers and users to transfer USDC from Ethereum to various supported blockchains without requiring permission. As of now, Circle CCTP supports secure USDC transfers through 12 distinct routes, including Ethereum, Avalanche, Arbitrum, and Optimism. In the coming weeks, the network will expand to include Base and Noble, increasing the available routes to a total of 30.

CCTP: Empowering Permissionless USDC Movement Across Blockchains

This innovative protocol serves as a permissionless on-chain utility that burns native USDC tokens on the source chain and mints an equivalent amount on the destination chain. Developers can integrate CCTP into their applications, offering users a highly secure and capital-efficient means of transferring USDC across different blockchain ecosystems. This development is a significant step towards a unified and mainstream Web3.

Notably, Circle had previously announced its plans to implement CCTP in collaboration with Noble, a Cosmos-based token protocol, at the Cosmoverse conference, further enhancing the protocol’s potential impact on the crypto landscape.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.