Circle will deploy its stablecoin, cross-chain transfer protocol, and wallet on layer 1 blockchain Monad’s mainnet when it goes live.
Circle and Monad Foundation have announced that USDC (USDC), the $60 billion stablecoin natively available on most blockchains in the crypto space, will go live on the Monad chain on day 1 of the mainnet.
Monad, an L1 blockchain that aims to bring parallel execution to the Ethereum (ETH) Virtual Machine with 10,000 transactions per second, is currently in testnet.
As well as the stablecoin, Circle plans to bring its CCTP v2 and Circle Wallets to the blockchain network’s developer ecosystem. This means Circle will support Monad’s network growth by allowing developers to tap into USDC’s deep liquidity and trusted settlement.
Developers can leverage this to create and deploy high-performance applications for decentralized finance, gaming, and payments.
CCTP v2, an upgrade to Circle’s cross-chain transfers protocol that went live in March, allows for fast and composable USDC transfers.
The enhanced CCTP v2 uses Fast Transfer and Hooks features to bring USDC settlements on Ethereum and across layer-2 networks down to just seconds. This “faster than finality” feature will now be available to Monad users on mainnet at launch.
Circle’s support for Monad will also include Circle Wallets, a service that brings flexible wallet integration to any decentralized application.
Monad launched its public testnet earlier this year, aiming to provide developers and the community of users a safe and risk-free environment to test dApps. Developers are able to deploy apps that the community can interact with ahead of the mainnet launch.
The project offers compatibility with Ethereum.
Apps in the Monad ecosystem include native DeFi hub Dirol, decentralized AI network Fortytwo, and prediction market Griffy, which also offers a Tinder-style Telegram mini-app. Others include aPriori, a maximum extractable value infrastructure and liquid staking protocol; and Accountable, which offers crypto-based yields.
