Circle has launched a new USDC Bridge built on its Cross-Chain Transfer Protocol to simplify asset transfers across blockchains. The system employs a native burn-and-mint model, eliminating wrapped tokens and intermediaries. It currently supports transfers between 17 EVM chains as well as Solana, Sui, and Aptos. The launch coincides with a class action lawsuit against Circle regarding its handling of a recent security breach.
The American stablecoin issuer Circle has launched the USDC Bridge to simplify cross-chain transfers of its token. The platform operates on the company’s Cross-Chain Transfer Protocol, aiming to provide a more reliable and transparent experience.
The system uses a native burn-and-mint model, where USDC is burned on one chain and minted on another. This approach removes the need for wrapped tokens, which have historically complicated such transactions.
The company announced the bridge’s benefits include automatic gas fee payment and upfront cost disclosure. Users also receive real-time updates throughout the transfer process.
Upon launch, the bridge facilitates transactions between 17 EVM-based chains including Ethereum, Avalanche, and Polygon. It also integrates with non-EVM networks Solana, Sui, and Aptos to address network fragmentation.
Circle is currently facing a class action lawsuit related to its fund transfer methods. The suit alleges negligence following a breach at the Drift Protocol on April 1.
The lawsuit claims Circle failed to freeze approximately $230 million in USDC after the attack. More than 100 individuals are part of the suit, which accuses the company of conspiracy to commit conversion.
