Circle launched a cross-chain protocol that enables USDC transfers between the Ethereum and Avalanche blockchains. The protocol works by burning the selected amount of native USDC on the source chain, and minting an equivalent amount of new USDC on the intended destination chain. The protocol essentially makes USDC transfers between the two networks faster and more user-friendly, as prior to its launch, people had to use third-party bridges or a Circle partner to facilitate transfers between the two networks. Additional support for Solana and other blockchains will be added later in 2023.
Cuy Sheffield, the head of crypto at Visa (NYSE:V), announced a new cryptocurrency-related project, on April 24, focused on stablecoin payments. Details are sparse at this stage; however, Sheffiled shared a job listing relating to the project, with the description noting that the Visa Crypto Team is building the next generation of products to facilitate commerce in everyone’s digital and mobile lives. The job listing is seeking candidates with a good understanding of layer-1 and layer-2 solutions, alongside experience with writing smart contracts using the programming language Solidity, among other things.
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