Circle officially launched the USDC Bridge to enable native stablecoin transfers across 21 different blockchains. This first-party platform eliminates the need for third-party protocols and wrapped tokens.
The service employs a burn-and-mint mechanism to maintain full reserve backing. USDC is burned on the source chain and simultaneously minted on the destination chain.
The bridge aims to resolve security risks and liquidity fragmentation within the DeFi ecosystem. USDC currently maintains a market capitalization exceeding $78 billion.
The asset accounts for the majority of global stablecoin transaction volume. Circle has not yet released specific details regarding transaction fees.