USDC, Axelar’s new protocol has bridge-free cross-chain swaps; does away with bridged tokens

admin October 22, 2022

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Circle, creator of decentralized and permissionless cross-chain platforms Axelar and USDC, Cross-chain transfer protocolaims to revolutionize cross-chain transfers across the crypto industry.

“We finally have real programmable money,” said Axelar’s Jason Ma.

USDC can be transferred cross-chain without the need for wrapped tokens or assets held on cross-chain bridges.

Bridge is notorious for being the target of serious exploits in the past. His two of the biggest bridges that saw money leaked were the Binance BSC Bridge and the Ronin Bridge. The total value of funds removed from the two platforms for the first time exceeded $1 trillion.

Axelar’s Jason Ma speaks EXCLUSIVELY clito slate This update affects all crypto users in it.

“LPs do not hold bridge assets.

In terms of use cases, the addition of CCTP enables a myriad of options for cross-chain swaps. Token swaps are routed through his USDC on one chain and seamlessly transferred to another chain where they are routed to the desired token on the new chain. In this scenario the token is not held in the bridge and subsequent wrapped versions of the token are not in the final chain.

With the update to USDC, Cross-chain NFT As part of a new partnership with Axelar’s General Message Passing technology.