Circle partners with Axelar to implement cross-chain for USDC
Avalanche, Cosmos, Ethereum, Polygon, and Sui will be the first chains that will be deployed for this new cross-chain initiative.
21, Circle, the company behind the cryptocurrency market’s second-largest stablecoin USDC, announced a partnership with Axelar that leverages the role of USDC and cross-chain applications.
Avalanche, Cosmos, Ethereum, Polygon, and Sui will be the first chains to be integrated with Axelar's General Message Passing (GMP). The move was announced shortly after Circle launched its USDC bridging protocol and “total attack” to five new blockchains last month.
Axelar co-founder Sergey Gorbunov said of the agreement signed with Circle:
“Integrating Circle USDC Bridge with Axelar General Passing is an important step towards achieving global interoperability across dApps of different chains.”
In essence, Circle monitors and verifies the movement of native USDC between chains eliminating the need to wrap assets. Axelar's GMP takes this process a step further and enables applications to integrate Circle's bridge.
One of the key goals of the Circle and Axelar partnership is to simplify the user experience, from cross-chain swaps, one-click transaction execution to cross-chain NFTs. For example, users can use wallets on Cosmos to buy NFTs on Ethereum without needing to bridge assets through multiple steps and download new wallets. NFTs can then be used in applications built on Cosmos, even though they are purchased from Ethereum.
Oct 22, 2022