Circle partners with Axelar on cross-chain initiative for USDC
Circle has announced a partnership with Axelar focused on the use of USDC and cross-chain applications. Avalanche, Cosmos, Ethereum, Polygon, and Sui will be the first chains integrated with Axelar's General Message Passing (GMP). The announcement comes shortly after Circle announced its native USDC bridging protocol last month.
When a user bridges an asset, the token they receive on the other end is non-native, meaning it is a synthetic version subject to liquidity issues and security vulnerabilities if the bridge is attacked and hacked. In essence, Circle oversees and verifies the movement of native USDC between chains removing the need for wrapped assets. Axelar’s GMP takes this process one step further and allows applications to integrate Circle’s bridge.
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