Morph Network to Host USDC and Circle’s CCTP
- Morph Network to roll out USDC stablecoin and CCTP by Circle.
- CCTP to move USDC using the burn-and-mint process.
- USDC has a market cap of more than $75.27 billion.
Morph is bringing USDC stablecoin and the Cross-Chain Transfer Protocol (CCTP) by Circle to its native network. The objective is to expand the stablecoin settlement for an infrastructure that is focused on payments. A notable high of the integration is the utilization of the burn-and-mint model, eliminating bridge liquidity pools.
Morph, USDC, and CCTP By Circle
Morph Network is expanding by rolling out USDC and Circle’s CCTP. Once implemented, developers will no longer have to rely on managing bridge risk or fragmented liquidity. They will be able to simplify all dollar settlements via this integration. Access will likely be made available to select institutions, cross-border payment rails, and merchant platforms.
The CEO of Morph, Colin Goltra, said that the integration comes months after investing into the core infrastructure of the network and engagement with payment providers. Colin added that it was a clear choice for them to work with Circle in bringing USDC to the network.
Technology Behind Morph Network Integration
CCTP will reportedly utilize the burn-and-mint process to maintain the integrity of the supply. The model essentially involves burning the token on the source chain and minting it on the destination chain under the same reserve framework. Canonical USDC will be issued by the regulated affiliates of Circle.
The integration is aimed at different use cases. This includes crypto card programs, cross-border remittances, neobanks, and payment gateways, among many others. The integration comes at a time when stablecoins are reportedly starting to come up as a default manner for digital transfer of money for businesses.
USDC and Other Stablecoins
USDC remains the second-ranked stablecoin on the list with a market cap of over $75.27 billion, and overall 6th on the list of global cryptocurrencies led by BTC. Backed by highly liquid cash and cash-equivalent assets, the digital dollar can be redeemed for the currency in 1:1.
As for the stablecoin segment, the collective market cap is currently down by 0.05%, and the trading volume has dipped by 24.25%. WLFI’s USD1 seems to be gaining momentum. Its market cap is $4.69 billion, below DAI, which has a market cap of $5.36 billion.
Overall, cryptocurrencies just noted a dip of 0.71% in their market cap with a shift to 16 points on FGI. The Altcoin Index now stands at 35 points, according to CoinMarketCap, with $140.15 in CMC20 Index.
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