Solana (SOL) Nears Major USDC Milestone: Details

Thu, 21/03/2024 – 15:22

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The Solana network is on the brink of achieving a significant milestone with the integration of USD Coin (USDC), one of the world’s leading stablecoins.

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This development comes as the Cross-Chain Transfer Protocol (CCTP) launch is fast approaching, signaling a potential game-changer for the blockchain industry.

The CCTP is expected to launch on the Solana mainnet on March 26, a big milestone that was lauded by the cofounder and CEO of Circle, Jeremy Allaire, who tweeted, “Big launch coming.”

Ahead of the launch of CCTP on the Solana mainnet, Circle says it has updated information for developers to build out integrations on the Solana devnet.

Cross-Chain Transfer Protocol (CCTP) is an on-chain utility that facilitates USDC transfers between blockchain networks via native burning and minting. Circle designed this on-chain program to boost capital efficiency and reduce trust needs when transferring USDC across blockchain networks.

Developers can use the Cross-Chain Transfer Protocol to create innovative cross-chain apps that combine the many capabilities of trading, loans, payments, NFTs, gambling and others.

Solana is a layer-1 blockchain, where USDC is natively issued as an SPL token; thus, CCTP would be deployed to Solana as two anchor programs. The Solana CCTP programs are written in Rust and leverage the Anchor framework.

Solana, notably, would be the second non-AVM chain to debut the CCTP feature.

Circle’s Cross-Chain Transfer Protocol (CCTP) went live on Noble’s main network in November 2023 to offer users easy swapping.

Noble is a Cosmos application-specific blockchain that enables native asset issuance within the Cosmos ecosystem. USDC is natively issued on Noble and may be transferred using the Inter-Blockchain Communication (IBC) protocol to other Cosmos app chains or CCTP to any supported domain (Ethereum).

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