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Circle’s stablecoin USDC and cross-chain transfer protocol will be integrated into Sam Altman’s World project, allowing users to convert their bridged USDC into native stablecoins.
On May 1, the Sam Altman-backed blockchain project announced its collaboration with the stablecoin giant following its limited expansion into the U.S.
According to the official announcement, World (WLD) Chain plans to integrate the company’s stablecoin, USD Coin (USDC), as well its CCTP V2 mechanism to its World Chain. First introduced in April 2023, CCTP V2 is an upgraded version of Circle’s Cross-Chain Transfer Protocol, designed to enable faster and more efficient USDC transfers across blockchains.
The integration would allow nearly two million verified users on World who already hold bridged USDC in their World App wallets to convert them into native USDC. This means all their stablecoin assets will be backed on a 1:1 ratio with U.S. dollars and other cash-equivalent assets.
Not only that, with the addition of CCTP V2 to World Chain, users will be able to transfer USDC across various chains in a faster and more cost effective way.
“The combo accelerates World Network while opening up access to USDC to more humans in economies that can benefit from a fully-reserved digital dollar,” wrote World project in its official statement.
Although the announcement does not specify the exact date for when the integration takes place, it does highlight some key benefits that users will receive through the collaboration. First, all verified users on the World Chain will be able to send remittances using the dollar-pegged stablecoin without incurring high transfer fees.
Next, eligible businesses registered on the World Chain will be able to access institutional on/off-ramps via Circle Mint. Additionally, developers can build using USDC directly into World App Mini Apps and tap into its globally distributed blockchain.
The project also plans to bring EURC (EURC), Circle’s MiCA compliant stablecoin pegged to the euro, for its users in the near future.
Most recently, World announced its expansion into the U.S, making it available for users living in Atlanta, Austin, Los Angeles, Miami, Nashville and San Francisco. The project previously faced backlash from countries like Brazil and Hong Kong over privacy concerns due to the project’s iris-scanning verification system.
As a result, the project declared that it would allow users to request the deletion of their unique iris code.
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Circle’s USDC and cross-chain transfer protocol are coming to World Chain – Crypto News
