Circle has launched its $USDC stablecoin on X Layer, OKX’s Ethereum layer-2 community, extending the stablecoin to an ecosystem related to one of many world’s largest cryptocurrency exchanges by buying and selling quantity.
Circle introduced Friday that native $USDC and its Cross-Chain Switch Protocol (CCTP) at the moment are accessible on X Layer. The community is appropriate with the Ethereum Digital Machine (EVM), permitting functions constructed for Ethereum to run on it with comparatively few modifications.
CCTP permits $USDC to maneuver between X Layer and different supported blockchains by burning the tokens on the supply chain and minting an equal quantity on the vacation spot chain. The combination helps makes use of together with funds, decentralized finance lending and borrowing, buying and selling and crosschain transfers.
Circle added that eligible companies may entry $USDC on- and offramps via Circle Mint.
The combination brings the world’s second-largest stablecoin by market capitalization to the blockchain ecosystem of a serious centralized alternate. OKX recorded greater than $975 million in spot buying and selling quantity over the previous 24 hours, making it the fourth-largest crypto alternate by that measure, in accordance with CoinMarketCap information.
