Circle has introduced native USDC and the Cross-Chain Transfer Protocol, or CCTP, on OKX’s Ethereum layer2 network X Layer.
Cointelegraph reported on Aug. 7 that X Layer users can use Circle-issued USDC directly and transfer it between chains with other supported blockchains.
X Layer is an Ethereum Virtual Machine (EVM)-compatible network. Applications developed for Ethereum can run on X Layer with relatively few changes.
CCTP works by burning USDC on the origin chain and then minting the same amount on the destination chain. This enables USDC to move between X Layer and other supported blockchains. Use cases include payments, DeFi lending and borrowing, trading and cross-chain transfers.
Qualified companies can also use USDC on-ramps and off-ramps based on X Layer through Circle Mint. With the integration, USDC has expanded to a blockchain ecosystem linked to OKX, a major centralised exchange.
OKX’s spot trading volume over the past 24 hours exceeded $975 million. It ranked fourth, according to CoinMarketCap.
Chi-gyu Hwang (황치규)
delight@d-today.co.kr