Circle’s USDC Stablecoin and Cross-Chain Transfer Protocol Join Forces with Sam Altman’s World Project

Circle’s stablecoin, USD Coin (USDC), and its Cross-Chain Transfer Protocol (CCTP) are set to be integrated into Sam Altman’s World project. This collaboration will allow users to convert bridged USDC into native stablecoins, enhancing efficiency and accessibility for millions of users.

Key Details About the Integration

On May 1, the blockchain project backed by Sam Altman announced its partnership with Circle, marking a significant step in its limited expansion into the U.S. The integration will bring USDC and Circle’s upgraded CCTP V2 mechanism to the World Chain. First introduced in April 2023, CCTP V2 enables faster and more efficient transfers of USDC across blockchains, addressing scalability and cost concerns.

Benefits for Verified Users

Nearly two million verified users on the World Chain who already hold bridged USDC in their World App wallets will gain the ability to convert these assets into native USDC. These stablecoins are backed on a 1:1 ratio with U.S. dollars and other cash-equivalent assets, ensuring reliability and trust.

With the addition of CCTP V2, users will also enjoy faster and more cost-effective USDC transfers across various blockchains. This enhancement aims to streamline transactions and improve the usability of stablecoins for everyday needs.

“The combo accelerates World Network while opening up access to USDC to more humans in economies that can benefit from a fully-reserved digital dollar,” stated the World project.

Additional Features for Businesses and Developers

The integration is expected to provide several advantages for businesses and developers:

  • Remittances: Verified users will be able to send remittances using the dollar-pegged stablecoin without incurring high transfer fees.
  • Institutional Access: Eligible businesses registered on the World Chain will gain access to institutional on/off-ramps via Circle Mint.
  • Developer Tools: Developers can integrate USDC directly into World App Mini Apps, leveraging its globally distributed blockchain.

Future Plans for EURC Integration

In addition to USDC, the World project plans to integrate Circle’s MiCA-compliant stablecoin, EURC, which is pegged to the euro. This move will provide users with more options for digital currencies and expand the project’s reach in European markets.

Expansion into the U.S.

Recently, World announced its availability in six U.S. cities: Atlanta, Austin, Los Angeles, Miami, Nashville, and San Francisco. This expansion follows privacy concerns raised by countries such as Brazil and Hong Kong due to the project’s iris-scanning verification system. In response, World has implemented measures allowing users to request the deletion of their unique iris code.

The integration of Circle’s USDC and CCTP V2 with the World Chain represents a significant milestone in advancing blockchain technology and stablecoin adoption. With enhanced efficiency, lower fees, and expanded accessibility, this collaboration is poised to benefit both individual users and businesses alike.

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