(This blogpost was written by Meow in November 1, 2023.)
Jupiter Bringing Native USDC to Solana, Powered by Wormhole and Circle’s CCTP
We are excited to announce our plans to integrate Circle’s Cross-Chain Transfer Protocol (CCTP) to bring native USDC to Solana powered by Wormhole. CCTP is a permissionless on-chain utility that ensures secure USDC transfers between blockchains using a native burn-and-mint process.
Understanding CCTP
Circle’s Cross-Chain Transfer Protocol (CCTP) is an on-chain utility designed by Circle. Its primary function is to enable the seamless transfer of USDC across various blockchains through a burn-and-mint mechanism. When users want to transfer USDC from one chain to another, CCTP burns USDC on the source chain and then mints a corresponding amount on the target chain. This process guarantees that the USDC’s total supply remains consistent, preserving its integrity across blockchains.
CCTP’s Role in Solana and Jupiter
The imminent integration of CCTP into Solana marks a pivotal moment for Jupiter. With this integration, Solana’s ecosystem stands to benefit from increased liquidity, reduced fragmentation from fewer wrapped USDC versions, and enhanced interoperability. By facilitating native USDC transfers within Jupiter, users are presented with the benefit of efficient, zero-slippage cross-chain transfers without ever departing from the Jupiter app interface.
Integrating Wormhole Connect in Jupiter
Wormhole has established itself as the industry standard for cross-chain messaging protocols, powering cross-chain applications. Currently, it connects over 30 leading blockchains. The Uniswap Foundation’s bridge assessment committee recently recognized it as the industry’s top bridging provider, following an extensive security and decentralization report. By integrating Wormhole Connect into Jupiter, we offer users unparalleled access to liquidity across all major chains without the need to exit the Jupiter platform. This streamlined cross-chain capability not only elevates the user experience but also helps drive our product and community’s growth.
Ending notes
Being the most used dapp on Solana, we are excited to bring this liquidity to all users in the ecosystem. Once the Solana CCTP goes live, this will be available on our UI, where users will be able to connect their non-Solana wallets and transfer their USDC into Solana with zero slippage regardless of transaction size.
This advancement promises unmatched liquidity for all Solana enthusiasts, extending Solana’s unique features and advantages to other chains, heralding a new era of interconnectivity in the DeFi realm.
Stay tuned to our Twitter for real-time updates on the launch of this integration.