Stablecoin issuer Circle (NYSE: CRCL) announced on Tuesday that its flagship stablecoin asset USDC which currently has a market capitalization of roughly $62 billion, will soon have crosschain access via a tool dubbed “Circle Gateway,” as early as July.
USDC is currently supported on 23 blockchains. Users must typically “bridge” the stablecoin from one network to another if they want to execute transactions that span more than a single blockchain. “Users holding USDC on one chain like Ethereum cannot access it on another like Solana without a series of crosschain bridging steps,” the announcement explains. “For many users, this creates a confusing experience that degrades usability and hinders broader adoption.” Circle Gateways claims to be a solution to this issue.
According to the company, the tool will allow USDC users to deposit funds into a non-custodial smart contract that can be accessed across supported chains, creating a seamless experience. Circle Gateway will be initially rolled out and tested on Ethereum, Avalanche, and Base in July, with other networks to follow. “No more manual bridging or relying on third-party liquidity,” the announcement states.
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