Chainlink Heats Up On USDC Transfer Deal By Benzinga

© Reuters. From Stagnant To Sizzling: Chainlink Heats Up On USDC Transfer Deal

Benzinga – by Murtuza Merchant, Benzinga Staff Writer.

Decentralized oracle network Chainlink (CRYPTO: LINK) is integrating Circle‘s Cross-Chain Transfer Protocol (CCTP) into its Cross-Chain Interoperability Protocol (CCIP).

The goal is to facilitate the transfer of USD Coin (CRYPTO: USDC) across multiple blockchains, unlocking new possibilities for DeFi applications and global payments.

“We are thrilled to support the broader adoption of stablecoins through diverse cross-chain use cases,” Chainlink co-founder Sergey Nazarov said.

LINK’s price has seen an upswing, trading at $15.89. This indicates a 5.7% increase over the last 24 hours and an 11% rise over the past week, as the market’s apparent optimistic response to the recent integration with Circle’s CCTP.

The development enhances Chainlink’s functionality in enabling efficient cross-chain transactions, a key component in the rapidly evolving DeFi sector.

“The robust security infrastructure of CCIP, with its multi-layered decentralization and advanced risk management features, is proving highly valuable for developers building with USDC.”

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Initially, the CCTP integration will enable interoperable USDC transfers across Ethereum (CRYPTO: ETH), Arbitrum (CRYPTO: ARB), Optimism (CRYPTO: OP), Avalanche (CRYPTO: AVAX), and Base (CRYPTO: BASE) mainnets, with further expansion planned for the near future.

This multi-chain accessibility empowers developers to create innovative dApps encompassing cross-chain DeFi protocols, frictionless global payments, and many other interoperable applications.

This integration represents a crucial step forward for both Chainlink and Circle, bolstering their positions in the burgeoning field of blockchain interoperability.

With USDC now empowered to move across numerous networks, the potential for new DeFi initiatives and novel financial solutions expands exponentially.

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© 2024 Benzinga does not provide investment advice. All rights reserved.

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