Cross-Chain Transfer Protocol (CCTP)
Last updated
Last updated
The Cross-Chain Transfer Protocol (CCTP), developed by Circle, enables the transfer of USDC across blockchains. It achieves this by burning USDC on the source chain and minting an equivalent amount on the destination chain.
CCTP does not rely on pooled USDC liquidity for cross-chain transfers, thereby enhancing capital efficiency and eliminating fees by liquidity providers. This also avoids unofficial, bridged versions of USDC.
Circle’s CCTP unifies USDC liquidity across Pike's Hub and Spoke chains. For example, when a user wants to borrow USDC on Optimism but there is insufficient liquidity available, Pike steps in to transfer USDC from other chains such as from Arbitrum to Optimism.
In the example above, the burning of USDC emits an event on the source chain (Arbitrum), which is automatically observed by Circle’s attestation service. Pike would then fetch the signed attestation from Circle, which then enables the minting of USDC on the destination chain (Optimism).
USDC is available natively on Pike's supported networks. When withdrawing USDCs, you may need to manually add the USDC token address to your wallet as follows:
| Network | USDC Token Address |
|---|---|
Ethereum | 0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48 |
Base | 0x833589fcd6edb6e08f4c7c32d4f71b54bda02913 |
Optimism | 0x0b2c639c533813f4aa9d7837caf62653d097ff85 |
Arbitrum | 0xaf88d065e77c8cc2239327c5edb3a432268e5831 |
