Circle to Deploy Stablecoin, Cross-Chain Transfer Protocol, and Wallet on Monad’s Mainnet
Circle is set to launch its stablecoin, cross-chain transfer protocol, and wallet on the mainnet of the layer 1 blockchain Monad. The collaboration between Circle and Monad Foundation will see USDC, a $60 billion stablecoin widely used across various blockchains, go live on the Monad chain on the first day of the mainnet.
Introduction to Monad
Monad is an L1 blockchain that aims to enhance the Ethereum Virtual Machine by introducing parallel execution and achieving a transaction speed of 10,000 transactions per second. Currently in its testnet phase, Monad is gearing up for its mainnet launch with the support of Circle and its suite of products.
Supporting Network Growth
Alongside the deployment of USDC, Circle will introduce its CCTP v2 and Circle Wallets to the developer ecosystem of the Monad network. This strategic move will enable developers to leverage USDC’s liquidity and settlement capabilities to create high-performance applications for decentralized finance, gaming, and payments.
CCTP v2 Upgrade
Circle’s CCTP v2, an upgraded version of its cross-chain transfers protocol, offers fast and composable transfers of USDC. With features like Fast Transfer and Hooks, CCTP v2 significantly reduces the settlement time for USDC transactions on Ethereum and across layer-2 networks to just seconds. This feature will be available to Monad users on mainnet from day one.
Circle Wallets Integration
Circle Wallets, a service that enables flexible wallet integration for decentralized applications, will also be part of Circle’s support for Monad. This integration will provide developers with seamless access to wallet functionalities within their applications.
Monad Ecosystem and Applications
Monad’s public testnet, launched earlier this year, offers developers and users a safe environment to test decentralized applications before the mainnet release. The project is compatible with Ethereum and hosts a variety of applications, including the native DeFi hub Dirol, decentralized AI network Fortytwo, and prediction market Griffy.
Other notable apps in the Monad ecosystem include aPriori, a protocol for maximum extractable value infrastructure and liquid staking, and Accountable, which offers crypto-based yields.
With Circle’s support and the innovative capabilities of Monad, developers can look forward to a thriving ecosystem for building cutting-edge blockchain applications.