Circle, the creator of the USD Coin stablecoin, released the Cross-Chain Transfer Protocol CCTP for Ethereum and Avalanche chains, enabling users to move their USDC stablecoin between blockchains.

This protocol facilitates the transfer of USDC across different blockchain networks by burning native USDC on one chain and minting the same amount on another, making asset transfers possible, according to the official developer FAQ page.

"CCTP removes the need to bridge USDC via traditional lock-and-mint approaches, improves liquidity across the blockchain ecosystem, and enables developers to provide their users a seamless and secure experience moving USDC natively across chains," Circle said in a tweet.

Bridge projects and interoperability-focused protocols like Celer Network, Layer Zero, Li.Fi, Multichain, Router Protocol, and others have already integrated the protocol to let users move USDC via their interfaces, Circle said.

Circle previously noted that, in addition to Ethereum and Avalanche, CCTP will be available on other blockchain networks in the future.

(by Vishal Chawla)