Injective will support native issuance of Circle's dollar stablecoin USDC and integrate the Cross-Chain Transfer Protocol (CCTP), The Block reported on March 17.
The move will allow USDC to be transferred directly between blockchains without a bridge.
Injective plans to adopt Circle-developed CCTP to support USDC transfers that are safer than existing bridge-based methods. CCTP works by burning USDC on the source chain and minting the same amount on the destination chain.
Injective is a layer 1 blockchain for trading and financial applications, supporting spot trading, derivatives and tokenised assets. Stablecoins serve as collateral for trading positions in these markets and provide liquidity for decentralised finance (DeFi) protocols.
About the Author
Chi-gyu Hwang
delight@d-today.co.kr