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 world’s 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.
Related: Crypto Biz: Crypto’s biggest business is starting to look a lot like banking
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.