Circle unveils Gateway to unify USDC stablecoin access across multiple blockchains
Powered by ChatGPTStablecoin issuer Circle said it will soon launch Gateway, a new solution that will provide instant cross-chain liquidity for users of $USDC, the second-largest stablecoin.
Circle stated that users in the current multichain landscape face fundamental challenges in navigating different networks, as they have to rely on cross-chain bridging protocols to transfer funds.
To satisfy the demand for multi-chain liquidity, service providers frequently encounter capital inefficiency due to overfunding, Circle added.
To address these issues, the stablecoin firm stated that Circle Gateway enables a unified $USDC balance across various blockchain networks. Users can deposit $USDC into a non-custodial smart contract, creating a single balance that is accessible in real-time across all chains that Gateway supports.
"Gateway makes it possible to build experiences where access to $USDC is truly instant, universal, and chain-agnostic, while users retain full ownership and control of their assets," Circle said in the release.
The new interoperability layer is scheduled to be deployed on Avalanche, Base, and Ethereum testnets in July, with support for other chains to follow.
Meanwhile, Circle went public last month, with its market capitalization surging to over $46 billion, and its stock price increasing by more than 500% from its initial offering price of $31 per share.
Following the IPO, Circle reportedly applied for a national banking license in the U.S., which would enable the company to act as a custodian for its own reserves and hold crypto assets on behalf of institutional clients. This initiative signals Circle's deeper integration into the traditional financial system.