Circle’s Cross-Chain Transfer Protocol - Demo - Converge22

In this demo from Converge22, Gee Chuang and Marcus Boorstin walk us through Circle’s Cross-Chain Transfer Protocol (CCTP), which is a permissionless on-chain utility that can burn native USDC on a source chain and mint native USDC of the same amount on a destination chain. Developers can embed CCTP into their apps to provide users with the most capital-efficient way to transfer USDC across chains, setting the stage for a united and mainstream Web3.
CCTP eliminates the need to use a conventional “lock-and-mint” bridge, which otherwise locks native USDC on the source chain (incurring a potential security risk) and then mints a synthetic/bridged version of USDC on the destination chain (resulting in fragmentation of liquidity and poor UX).
Instead, CCTP is exposed through smart contracts, which are designed to allow composability of additional functionality beyond just burning and minting native USDC.
Want to learn more about CCTP? Discover more in our dev docs: developers.circle.com/stablec...

[@H0DLTHED0R]

1st!
This is a great option to have. 😊

[@smartreach5326]

I dont quite see the big deal here. Burn on one chain, mint on another. Id like to see a breakdown of this compared to IBC.

[@niuliu6504]

IBC is Cosmos-Eco native，while CCTP is capable for all blockchain in principle. Both of them are needless of liquidity while bridging, which makes them capital efficient. I guess CCTP is Oracle based, IBC is more efficient for interoperation between Cosmos-based chains.