Circle, the issuer of the second-largest stablecoin, USDC, has announced its plan to launch Gateway, a unique solution designed to facilitate seamless cross-chain liquidity for USDC users. This development highlights the fundamental challenges multichain users face, such as the need to rely on cross-chain bridging protocols for fund transfers.
According to Circle, service providers often face capital inefficiency due to overfunding in an attempt to meet the demand for multi-chain liquidity. Gateway aims to solve these issues by enabling a unified USDC balance across different blockchain networks. Users can deposit USDC into a non-custodial smart contract, thereby creating a single balance that is accessible in real-time across all supported chains.
“Gateway makes access to USDC instant, universal, and chain-agnostic, while ensuring users retain full ownership and control of their assets,” Circle stated in the press release.
Circle plans to roll out this new interoperability layer on Avalanche, Base, and Ethereum testnets come July, with support for other chains expected to follow.
In other news, following its IPO last month, Circle’s market capitalization skyrocketed to over $46 billion. The company’s stock price has surged by more than 500% from its initial offering price of $31 per share. Consequently, Circle has reportedly applied for a national banking license in the U.S., a move signaling the company’s further integration into the traditional financial system.
Disclaimer: This article is for informational purposes only. It is not intended to be used as legal, tax, investment, financial, or other advice.
