The Aptos Foundation has announced plans to integrate Circle ''s native USDC stablecoin and Cross-Chain Transfer Protocol (CCTP) into the Aptos Network
The Aptos Foundation has announced plans to integrate Circle 's native USDC stablecoin and Cross-Chain Transfer Protocol (CCTP) into the Aptos Network. Additionally, Stripe will add support for Aptos in its crypto onramp and payout products.
These developments aim to enhance interoperability in decentralised finance (DeFi) and expand Aptos' role in connecting traditional finance with blockchain technology. The integration of Stripe’s crypto products with Aptos will provide a streamlined fiat-to-crypto pathway, facilitating both on-ramps and off-ramps for users and merchants. This move is expected to simplify cross-border payments and enable more seamless interactions between blockchain systems and traditional financial institutions.
Circle, the issuer of USDC, will begin providing native USDC directly on Aptos through its regulated entities. This eliminates the need for bridged versions of the stablecoin, which currently dominate Aptos with over USD 160 million in circulation. CCTP will enable developers to create applications that leverage native USDC for cross-chain activities, including transfers and treasury management, across nine supported blockchains.
To ease the transition, Aptos will work with bridge providers such as Stargate, built on LayerZero, allowing users to switch from bridged USDC to the native version gradually. For clarity, the bridged USDC on AptosBridge will be renamed ‘lzUSDC’ across platforms and block explorers. Enhancing DeFi interoperability The launch of CCTP on Aptos aims to expand cross-chain interoperability, offering capital-efficient routes for USDC transfers.
Aptos joins CCTP’s network of major blockchains, including Ethereum, Solana, and Arbitrum, increasing its access to broader DeFi ecosystems. Stripe’s support for Aptos will allow users to convert fiat directly into USDC through Aptos-enabled wallets. This integration is expected to unlock new possibilities for merchants using Stripe's payment network, enabling faster, lower-cost transactions across the globe.
Officials from Stripe remarked that adding Aptos widens access to efficient global payment flows using stablecoins. They emphasised that the collaboration connects Stripe’s infrastructure with blockchain technology, offering both merchants and consumers innovative payment options. Representatives from Circle highlighted Aptos as an effective tool for global financial transactions and noted that native USDC and CCTP integration would further enhance the network's efficiency and accessibility.
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Nov 22, 2024 14:49
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