Chainlink and Circle have partnered to integrate their interoperability protocols, thereby enabling cross-chain USDC transfers that increase the utility and accessibility of the USDC stablecoin.
Chainlink is an Ethereum-based oracle that facilitates the transfer of data between blockchains and off-chain systems. Circle is the issuer of the widely-used USDC stablecoin.
The co-founder of Chainlink Sergey Nazarov touted the benefits of Chainlink’s Cross-Chain Interoperability Protocol (CCIP):
“We’re excited to support the adoption of stablecoins across a variety of cross-chain use cases. I’m pleased to see that the defense-in-depth security infrastructure of CCIP, with multiple layers of decentralization, is something highly valued by developers building with USDC.”
Crypto Briefing
A focus on security is certainly needed, considering the fate of past cryptocurrency bridges. Notable, recent cryptocurrency bridge incidents include the breaches of:
- Ronin bridge (Axie Infinity) – $615 million stolen.
- Wormhole bridge – $320 million stolen.
- Horizon Bridge (Harmony) – $100 million stolen.
- Nomad – $200 million.