To offer users a safe and dependable method to transfer USDC across chains, Chainlink has announced the integration of two industry standards: the Chainlink Cross-Chain Interoperability Protocol (CCIP) and Circle’s Cross-Chain Transfer Protocol (CCTP). Using Chainlink CCIP, developers can now start constructing safe cross-chain applications that leverage USDC throughout the multi-chain ecosystem.
The integration of CCTP into USDC will enable new use cases, such as secure and streamlined cross-chain transfers, payments, and a variety of additional DeFi interactions in the case of protocols built with Chainlink CCIP.
Sergey Nazarov, co-founder of Chainlink, is pleased to observe that developers utilizing USDC highly value the defense-in-depth security infrastructure of CCIP, which consists of multiple layers of decentralization. In addition, he praised the value-added function that CCIP’s sophisticated risk management capabilities contribute to the transmission of USDC in accordance with a number of essential user requirements.
Chainlink is widely recognized for its robust security measures and reputation for dependability within the blockchain industry. The Risk Management Network, which authenticates and monitors cross-chain operations in order to detect malicious intent, provides support for CCIP. In addition, the level-5 security infrastructure of Chainlink CCIP is incredibly crucial, considering the history of industry vulnerabilities and the loss of billions of user dollars caused by faulty and unsafe cross-chain connectivity.
CCTP is a permissionless on-chain service that enables developers to provide consumers with a secure and cost-effective method of moving USDC across chains. Chainlink’s developer community will be able to use CCIP and CCTP to construct applications that support the easy transfer of USDC across chains.
Chainlink serves as the decentralized computing platform that underpins the verifiable web and is the industry standard. Chainlink has facilitated transactions worth more than $9 trillion by granting developers, financial institutions, and entrepreneurs access to offchain computation, real-world data, and secure cross-chain interoperability across all blockchains. In addition to banking, DeFi, global commerce, and gaming, Chainlink supports verifiable applications and high-integrity markets.
Circle, a worldwide financial technology company, facilitates the utilization of public blockchains and digital currencies by organizations of all scales to conduct global payments, commerce, and finance. Circle is the proud creator of two internet money protocols—USDC and EURC—that are extremely liquid, compatible with one another, and backed by trust. Circle’s open, programmable platform and APIs allow international payments, global Web3 app development, and internal treasury management easier for internet-scale businesses.
Source: https://www.cryptonewsz.com/ccip-integrates-circles-cctp-for-cross-chain-usdc-transfers/