Circle has launched the Cross-Chain Transfer Protocol for the Sui Network, enabling USDC transfers across nine different blockchains.
Protocol Launch
Circle has been actively developing the ability to transfer USDC across blockchains and now presents its Cross-Chain Transfer Protocol for Sui Network. Sui developers can now enable direct USDC deposits from various blockchains, and users can transfer this stablecoin to their exchange accounts via a 1:1 rebalancing process.
Technology and Security
The protocol uses Circle's advanced security technology, implementing a burn-and-mint process that ensures the safe movement of USDC. This system eliminates the need for third parties, enhancing capital efficiency and reducing risks.
Support and Integration
The protocol is now supported by various applications, such as Wormhole, Sui Bridge, and Wanchain. These integrations significantly expand the protocol's usage, allowing more decentralized applications to utilize CCTP features for USDC transfers.
The integration of the Cross-Chain Transfer Protocol strengthens Sui Network’s position in the DeFi world, expanding the use cases for the USDC stablecoin.
