Circle announced the launch of the Cross-Chain Transfer Protocol (CCTP) on Arbitrum. Circle launched native USDC on Arbitrum on June 8.

It is reported that CCTP is a permissionless on-chain tool launched by Circle that facilitates the transfer of USDC between different chains. Circle does not need liquidity on the target chain, but destroys USDC on the source chain and mints native USDC on the target chain, thereby enabling USDC to flow locally across chains. It has been launched on Ethereum and Avalanche. Celer Network, Interport Finance, LI.FI, Router Protocol, O3 Labs, Wanchain, Wormhole, etc. already support CCTP.