June 27 (Cointime) - Circle, a blockchain startup and stablecoin issuer, has launched its Cross Chain Transfer Protocol (CCTP) on Arbitrum to facilitate the movement of USDC stablecoin on the Ethereum Layer-2 scaling network.

The CCTP protocol enables direct transfers between Ethereum and Avax, and its composable and permissionless design makes it valuable for developers.

The deep liquidity of USDC and its ecosystem can drive demand on protocols like Arbitrum, which can help push the demand for ARB to a new pedestal. The news has already fueled the growth of ARB, which is up 4.28% in the past 24 hours.