- Circle CCTP is now live on Polygon.
- The CCTP promises significant benefits for users and developers.
- Several projects have already integrated Polygon CCTP support.
Following the launch of native USDC support on Polygon in October 2023, Circle has taken another step to bolster its stablecoin offering on the popular Ethereum scaling solution. In the latest instance, Circle has extended support for its Cross-Chain Transfer Protocol (CCTP) to Polygon, promising immense benefits for developers and users.
CCTP Goes Live on Polygon
In an X thread on Wednesday, December 13, Circle announced that the CCTP was live on the Polygon network.
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For the uninitiated, the CCTP simplifies the process of bridging USDC between chains like Arbitrum, Avalanche, Base, Ethereum, and Optimism by burning native USDC on one chain and minting it on the target chain, eliminating the need for users assets to be locked up with a third party.
As highlighted by Circle, the CCTP support for Polygon brings several benefits to developers and users.
How CCTP Benefits Polygon
For developers, Circle notes that they can now abstract away some of the complexities of the blockchain by creating chain-agnostic user experiences, as with CCTP, users would no longer have to worry about what chain they are on, making mainstream adoption easier.
For users, no longer worrying about what network they are holding USDC on also significantly reduces the chances of losses resulting from errors. Additionally, the mint and burn mechanism is significantly faster than third-party-provided bridging services.
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“Moving USDC back to Ethereum will only take minutes. Burn-and-mint enables CCTP to avoid withdrawal delays associated with bridged assets,” Circle wrote.
As highlighted by Circle, several apps, wallets, and bridges have already integrated support for the CCTP on Polygon, including Allbridge, Celer Network, and ChainPort.
On the Flipside
- The CCTP is only available on seven chains, including Polygon.
- USDC usage is on a decline. The stablecoin’s market cap has declined over 45% year-to-date (YTD) from $44.5 billion at the start of the year to $24.4 billion, according to CoinGecko data at the time of writing.
Why This Matters
The CCTP promises to simplify and streamline the experience of USDC holders on the Polygon network.
Read this to learn more about the CCTP:
Circle Unveils Cross-Chain Transfer Protocol for USDC
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Ankr Unlocks DeFi Compliance with Zero-Knowledge ID Product
