USDC stablecoin from Circle and World Chain's cross-chain transfer protocol are set to make an appearance.
In a thrilling development, the World project, led by Sam Altman, announces a partnership with stablecoin giant Circle. This collaboration promises to bring the USDC stablecoin and Circle's Cross-Chain Transfer Protocol V2 (CCTP V2) to the World project, transforming the financial landscape for millions of World users.
On May 1, the collaboration was officially unveiled, with World Chain planning to integrate USDC and CCTP V2 into its ecosystem. CCTP V2 is an advanced version of Circle's Cross-Chain Transfer Protocol, designed to streamline USDC transfers across blockchains, making transactions faster and cost-effective.
The integration allows verified users on World to convert their bridged USDC into native USDC, ensuring assets are supported by a 1:1 ratio of U.S. dollars and other equivalent assets. Moreover, the addition of CCTP V2 means users can transfer USDC across various chains seamlessly.
According to the World project, this partnership accelerates the World Network and expands access to USDC for users in need of a fully-reserved digital dollar.
Interestingly, Circle recently received in-principle approval to operate as a money services provider in Abu Dhabi. However, the actual integration timeline hasn't been explicitly mentioned.
The collaboration offers several benefits, including enhanced stablecoin use via native USDC conversion, increased adoption supporting potential stablecoin market growth (forecast to reach $2 trillion by 2030), improved transaction efficiency, reduced dependence on third-party services, and broader financial access for users.
Recently, World announced its expansion into six U.S. states—Atlanta, Austin, Los Angeles, Miami, Nashville, and San Francisco. Despite facing criticism in countries like Brazil and Hong Kong over privacy concerns related to its iris-scanning verification system, the project has pledged to provide users with the option to request deletion of their unique iris code.
To add more firepower, the World project plans to introduce Circle's MiCA compliant stablecoin, EURC, pegged to the euro, for its users in the near future. So buckle up for some exciting times ahead in the world of fintech!
- The collaboration between the World project and Circle aims to introduce the USDC stablecoin and Circle's Cross-Chain Transfer Protocol V2 (CCTP V2) into the World project's ecosystem.
- CCTP V2 is an upgraded version of Circle's Cross-Chain Transfer Protocol, designed to facilitate seamless USDC transfers across various blockchains.
- With the integration of USDC and CCTP V2, verified users on the World platform can convert their bridged USDC into native USDC, ensuring assets are supported by a 1:1 ratio of U.S. dollars.
- This partnership is expected to accelerate the World Network and provide wider access to USDC for its users, transforming the financial landscape for millions of World users.
- Circle recently received in-principle approval to operate as a money services provider in Abu Dhabi, but the actual integration timeline with the World project hasn't been specified.
- The collaboration promises several benefits, such as enhanced stablecoin use, increased adoption, improved transaction efficiency, reduced dependence on third-party services, and broader financial access for users.
- The World project plans to introduce Circle's MiCA compliant stablecoin, EURC, pegged to the euro, for its users in the near future, promising exciting times ahead in the fintech industry.
