Moving USDC between chains without creating another wrapped token
Circle’s first CCTP release used a burn-and-mint process to move native USDC between Ethereum and Avalanche.
From the archive · 26 Apr 2023
A retrospective written for Chain Perspective. It describes the source at that date and does not imply current availability or status.
Reported development: · AI-assisted, source-linked brief
In brief
- The initial mainnet release supported Ethereum and Avalanche.
- Circle’s attestation linked the burn to minting on the destination chain.
The development
Circle launched its Cross-Chain Transfer Protocol in April 2023 for Ethereum and Avalanche developers. The process destroyed USDC on the originating network, obtained a signed confirmation from Circle and minted the corresponding amount on the destination network. This differed from a bridge that locks a token and issues a wrapped representation elsewhere. Circle presented the design as a way to reduce fragmentation between different versions of USDC.
Why it matters
The distinction matters when two wallet balances have similar names but different underlying arrangements. Native issuance can simplify which asset a recipient receives, while the transfer still depends on the protocol and issuer’s confirmation process. That is a different trust arrangement, not the removal of trust. The launch described infrastructure developers could integrate; it did not establish that every wallet supported the same networks or offered identical transfer conditions.
Sources and verification
Based on an official announcement
Based on the dated primary source. This retrospective does not establish current availability or subsequent outcomes.
- Circle Delivers USDC Interoperability Across Ecosystems with Mainnet Launch of Cross-Chain Transfer Protocol ↗Circle · Primary document · 26 Apr 2023
Prepared with AI assistance from the linked sources. This is not a claim of independent field reporting or human review. How we publish · Report a correction
Keep up with stablecoins
Follow this subject in your news reader, or explore more of our source-linked coverage.
No account or email address required.
