USDC stablecoin from Circle and World Chain's cross-chain transfer protocol are set to arrive on World Chain network
hitting the headlines:
WorldChain and Circle join forces, boosting USDC transfers across chains
The blockchain world is buzzing as WorldChain, backed by Sam Altman, and Circle, the stablecoin giant, announce a partnership. This union will see USDC and Circle's Cross-Chain Transfer Protocol (CCTP V2) seamlessly integrated into WorldChain.
WorldChain unveils its alliance
On May 1, WorldChain made the exciting announcement, bolstering its expansion in the U.S. The newfound cooperation follows Circle's constrained U.S. entry.
The combined might of Circle and WorldChain
According to the official press release, WorldChain intends to incorporate Circle's stablecoin, USDC, and CCTP V2 into its chain. CCTP V2, first introduced in April 2023, is a revamped version of Circle's cross-chain transfer protocol, designed to expedite USDC transfers and enhance efficiency across diverse blockchains.
Enjoy the perks of native USDC
By integrating CCTP V2, nearly 2 million WorldChain users with bridged USDC in their World App wallets can convert these assets into native USDC. This development ensures their stablecoin holdings are backed by U.S. dollars and other liquid reserves in a 1:1 ratio.
Transfer USDC across chains at a lower cost
With CCTP V2 added to WorldChain, users can quickly and cheaply transfer USDC across multiple chains. This upgrade aims to streamline transactions and make them more interoperable for WorldChain's global user base.
Terms and conditions may apply
Though the partnership does not specify the exact rollout date, users can expect several advantages once the integration takes place. For instance, WorldChain users will be able to send remittances using USDC with minimal transfer fees. Additionally, businesses registered on WorldChain will have access to institutional on/off-ramps via Circle Mint, and developers can build using USDC in World App Mini Apps, unlocking the potential for worldwide, blockchain-based applications.
Looking ahead: EURC and global expansion
WorldChain also hints at bringing EURC, Circle's stablecoin pegged to the euro, to its user base in the near future. More recently, WorldChain announced its entry into six American states, marking its move into the U.S. market. Despite facing criticism in countries like Brazil and Hong Kong over privacy concerns regarding its iris-scanning verification system, WorldChain assures users that they can request deletion of their unique iris code.
In the words of WorldChain, "The integration accelerates the World Network, while giving more individuals in developing economies access to USDC."
Sources:
- Circle's CCTP V2
- USDC and WorldChain Integration
- WorldChain Expansion into the U.S
- Circle and Privacy Concerns
- WorldChain Price Analysis and Market Sentiment
- With the integration of Circle's Cross-Chain Transfer Protocol (CCTP V2) into WorldChain, users can look forward to sending USDC remittances with minimal transfer fees.
- The union between WorldChain and Circle will enable WorldChain users to convert their bridged USDC into native USDC within the World App wallet.
- By adopting Circle's stablecoin, USDC, and CCTP V2, WorldChain aims to lower the cost of USDC transfers and enhance transaction interoperability for its global user base.
- WorldChain's plan to incorporate Circle's CCTP V2 into its chain is expected to streamline transactions and further bolster its expansion in the U.S. market.
- Developers will soon have the opportunity to build applications using USDC on World App Mini Apps, opening doors for a plethora of worldwide, blockchain-based solutions.
- Businesses registered on WorldChain will be granted access to institutional on/off-ramps via Circle Mint, providing an avenue for streamlined financial transactions.
- Following the USDC integration, WorldChain is contemplating the addition of EURC, Circle's stablecoin pegged to the euro, to cater to a broader user base and extend its services on a global scale.
