Router Protocol integrates with Circle to make USDC interoperable
Router Protocol has announced a strategic partnership with Circle, the issuer of the USDC stablecoin.
The partnership is designed to make USDC interoperable.
Coinbase recently asked its users to switch from USDT to USDC.
Router Protocol integrates with Circle
Router Protocol, an infrastructure layer enabling communication between blockchains, announced on Monday, December 12, the testnet integration of Circle’s Cross-Chain Transfer Protocol to make USD Coin (USDC) interoperable.
In a press release shared with Coinjournal, Router Protocol said the integration is a major upgrade for its suite of products. Thanks to the integration, volume and liquidity can scale quickly within the ecosystem, enabling developers to integrate with Router more smoothly without pre-funding of USDC liquidity on different blockchains.
While commenting on this latest cryptocurrency news, Ramani Ramachandran, CEO and Co-Founder of Router Protocol, said;
“Our products allow dapps to go multichain in just a few clicks. Cross-chain USDC takes this solution to the next level enabling near-infinite liquidity for virtually any app.”
Router said it had to maintain USDC liquidity on every chain of its bridge, a move that is expensive and creates security flaws. This has caused insufficient and unavailable liquidity in some chain destinations.
The team added that liquidity also needs to be incentivised and typically requires token emissions, which unnecessarily dilutes the token supply and puts protocols at the mercy of liquidity farmers.
With Circle’s Cross-chain Transfer Protocol, USDC transfers can happen natively, improving capital efficiency and simplifying the user experience.
The team pointed out that the Cross-Chain Transfer Protocol is currently available on testnet for Ethereum and Avalanche, with additional chains such as Solana to follow next year.
Router pointed out that the integration is live on testnet where developers can enable users to move USDC between Ethereum’s Goerli Testnet and Avalanche’s Fuji testnet.
Coinbase asks users to switch from USDT to USDC
Last week, cryptocurrency exchange, Coinbase, asked its users to switch their USDT stablecoins for USDC. At the time, Coinbase said USDC was the more trusted and reputable stablecoin.
Router Protocol is building a suite of cross-chain communication infra primitives that aims to seamlessly provide bridging infrastructure between current and emerging Layer 1 and Layer 2 blockchain solutions.
The post Router Protocol integrates with Circle to make USDC interoperable appeared first on CoinJournal.
Filed under: Bitcoin - @ December 12, 2022 7:09 pm