Jeremy Allaire, Circle’s Founder and Chief Executive Officer, has announced that CCTP will soon go live on Noble. CCTP, an acronym for Cross-Chain Transfer Protocol, has chosen the asset-issuance chain on Cosmos to pave the way for getting natively wired into dYdX on their app chain on Cosmos.
Members of the selected network can directly move their USDC into dYdX. While Solana is expected to join the list soon, members of Avalanche, Ethereum, Base, Arbitrum, Cosmos, and Optimism are not required to bridge or wrap their USDC holdings before moving them across dYdX. This makes the process efficient, economical, and safer.
dYdX has been chosen because it is a bigger protocol capable of setting a new benchmark when the market pendulums between decentralized exchange and centralized exchange. Transparency and risk management as a DeFi protocol are at the core of its operation.
CCTP going live on Noble marks the step toward unlocking the next wave of on-chain usage. This is poised to become a more user-friendly environment as the value and development progress. Interestingly, a lot of elements are merging for this innovation. This includes combining wallets, bridges, aggregators, and messaging layers. Not to forget, several blockchain networks are joining hands with CCTP and Noble to ensure the technical and user experience innovation continues across the blockchain networks.
Jeremy has said that Circle is looking to accelerate mass adoption in the next 2 years, that is, in 2024/2025. USDC has retained its 1:1 pegged value to the US Dollar. Fluctuations are constantly happening with tokens of other chains. For instance, ETH and AVAX are down despite CCTP making this advancement. ETH has lost ~2.99% in the last 24 hours, and AVAX is down by 3.82% while this piece is being drafted.
The trading value of Base is a different story. The token was up by 0.50% in the last 24 hours, dropping by 1.93% during the draft.
Members of the community are excited about the progress, but most of them are asking when Circle will integrate Chainlink CCIP or Polkadot into its system. A development is in the works wherein Circle takes USDC to Japan under the partnership umbrella of SBI Holdings and Circle. The aim of the partnership is to oversee the distribution of the stablecoin, Web3 tech proliferation, and banking aspects.
USDC’s entry into the Japanese market builds on the vision of the Japanese government that was laid out in June 2023. The aim is to boost the Web3 industry and introduce new stablecoins – foreign or domestic – in the economy. Stablecoins only have to meet the criteria listed by JFSA before going live in the market.
Jeremy has expressed his excitement about working with the Chairman of SBI Holdings, Kitao-san. CCTP going live on Notable sets the stage for its growth in 2024/2025 as Circle enters Japan to boost its Web3 ecosystem with access to USDC.
