Circle expands USDC to OKX ecosystem with X Layer launch
Resumo:Circle has launched its USDC stablecoin on X Layer, OKXs Ethereum layer-2 network, making native USDC and the Cross-Chain Transfer Protocol (CCTP) available on the platform. The EVM-compatible network allows Ethereum applications to run with minimal changes. CCTP enables USDC to move between X Layer and other blockchains by burning tokens on the source chain and minting an equivalent amount on the destination. The integration supports payments, DeFi lending and borrowing, trading, and cross-chain transfers, while eligible businesses can access USDC on- and off-ramps via Circle Mint. The move brings the second-largest stablecoin by market cap to an ecosystem tied to OKX, which saw over $975 million in spot volume in 24 hours, ranking fourth-largest by that measure.
Circle has launched its USDC stablecoin on X Layer, OKX‘s Ethereum layer-2 network, extending the stablecoin to an ecosystem connected to one of the world’s largest cryptocurrency exchanges by trading volume.
Circle announced Friday that native USDC and its Cross-Chain Transfer Protocol (CCTP) are now available on X Layer. The network is compatible with the Ethereum Virtual Machine (EVM), allowing applications built for Ethereum to run on it with relatively few changes.
CCTP allows USDC to move between X Layer and other supported blockchains by burning the tokens on the source chain and minting an equivalent amount on the destination chain. The integration supports uses including payments, decentralized finance lending and borrowing, trading and crosschain transfers.
Circle added that eligible businesses can also access USDC on- and offramps through Circle Mint.
The integration brings the worlds second-largest stablecoin by market capitalization to the blockchain ecosystem of a major centralized exchange. OKX recorded more than $975 million in spot trading volume over the past 24 hours, making it the fourth-largest crypto exchange by that measure, according to CoinMarketCap data.
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