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Circle launches USDC on OKX's X Layer network

The rollout makes native USDC and Circle's CCTP cross-chain transfer protocol available on X Layer, with Circle Mint offering on and offramps for eligible businesses.

Reported · Written up by our desk · Stablecoins

Circle has launched its USDC stablecoin on OKX’s X Layer Ethereum layer 2 network, expanding the stablecoin to another major blockchain ecosystem tied to a large exchange, Cointelegraph reports.

Circle said native USDC and its Cross-Chain Transfer Protocol, or CCTP, are now available on X Layer. The protocol is designed to move USDC between X Layer and other supported blockchains by burning tokens on the source chain and minting an equivalent amount on the destination chain.

Because X Layer is compatible with the Ethereum Virtual Machine, applications built for Ethereum can run with relatively few changes. Circle also said the integration supports payments, decentralized finance lending and borrowing, trading, and crosschain transfers.

Circle added that eligible businesses can access USDC on and offramps through Circle Mint. Cointelegraph also cited OKX spot trading volume of more than $975 million over the past 24 hours, described as the fourth-largest crypto exchange by that measure.

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