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 said that its Cross-Chain Transfer Protocol (CCTP) and native USDC are now accessible on X Layer. Applications designed for Ethereum may operate on the network with few modifications since it is compatible with the Ethereum Virtual Machine (EVM).
By burning the tokens on the source chain and minting an equal quantity on the destination chain, CCTP enables USDC to transfer between X Layer and other compatible blockchains. 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 adds the second-biggest stablecoin in the world by market capitalization to a significant centralized exchange’s blockchain environment.
According to CoinMarketCap statistics, OKX logged more than $975 million in spot trading volume during the previous day, placing it as the fourth-largest cryptocurrency exchange by that metric.
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