Sharing from Circle at the #Avalanche Summit: "With the recent launch of the cross-chain transfer protocol on Avalanche, #Circle new opportunities and use cases are being created for native #USDC to be able to be transferred between various blockchains."

Circle introduced its newly launched Cross-Chain Transfer Protocol (CCTP) at the Avalanche Summit, which has been launched on Ethereum and Avalanche.

CCTP is an on-chain permissionless tool that enables USDC transfers via native burning and native minting. Users can burn USDC on one chain and then mint USDC on the target chain. CCTP is designed so that USDC can be transferred directly between any chain without the need to go back to Ethereum or wait for multiple days. This transfer can be completed in seconds.

The usage scenarios of CCTP include cross-chain exchange, cross-chain deposit and cross-chain purchase.