Circle Partners With Axelar To Enable USDC To Be Used In Cross-chain Applications
Circle and Axelar have launched a collaboration centered on the usage of USDC and cross-chain applications.
The first chains that use Axelar’s General Message Passing (GMP) will be Avalanche, Cosmos, Ethereum, Polygon, and Sui. The announcement follows Circle’s unveiling of their native USDC bridging protocol last month.
When a user bridges an asset, the token they receive on the other end is non-native, which means it is a synthetic version that is vulnerable to liquidity concerns and security flaws if the bridge is attacked and hacked. Axelar’s co-founder Sergey Gorbunov said:
“Composing Circle USDC Bridge with Axelar General Passing is a key step to achieve global interoperability across dApps on different chains.”
Circle, in essence, supervises and validates the flow of native USDC between chains, eliminating the requirement for wrapped assets. Axelar’s GMP extends this approach by allowing apps to integrate Circle’s bridge.
One of the partnership’s primary aims is to simplify the cross-chain user experience. Cross-chain swaps, one-click trade execution, and cross-chain NFTs are examples of novel application use cases.
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.
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Harold
CoinCu News
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Blockchain
Circle Partners With Axelar To Enable USDC To Be Used In Cross-chain Applications
Circle and Axelar have launched a collaboration centered on the usage of USDC and cross-chain applications.
The first chains that use Axelar’s General Message Passing (GMP) will be Avalanche, Cosmos, Ethereum, Polygon, and Sui. The announcement follows Circle’s unveiling of their native USDC bridging protocol last month.
When a user bridges an asset, the token they receive on the other end is non-native, which means it is a synthetic version that is vulnerable to liquidity concerns and security flaws if the bridge is attacked and hacked. Axelar’s co-founder Sergey Gorbunov said:
“Composing Circle USDC Bridge with Axelar General Passing is a key step to achieve global interoperability across dApps on different chains.”
Circle, in essence, supervises and validates the flow of native USDC between chains, eliminating the requirement for wrapped assets. Axelar’s GMP extends this approach by allowing apps to integrate Circle’s bridge.
One of the partnership’s primary aims is to simplify the cross-chain user experience. Cross-chain swaps, one-click trade execution, and cross-chain NFTs are examples of novel application use cases.
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.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
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